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Get your taxes done using TurboTax
Yes, there is tax on it, but there is also a penalty. The excess contribution should not remain in the account. Form 5329 will report the 6% excise tax and be reported on Schedule 2. The excess will also be taxed as income from Schedule 1.
For more information, see:
- Why am I showing an excess HSA contribution?
- 2020 Publication 969: Health Savings Accounts and Other Tax-Favored Health Plans, page 8.
- 2020 Instructions for Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-F...
May 13, 2021
11:34 AM