Hi There,
I am preparing my 2021 TAX, and realized that I made a mistake on 2020 form 5369. It shows excess contribution for 2020 was $9,416. After I reviewed last year's TAX report, I think here might be the story:
The number is calculated this way: $9416 = $8416 + 8100 - 7100
We must have entered $8416 HSA contribution based on our W2 (12W), then entered another $8100 from the form 5498-SA, which led to us double count the HSA contribution. The true excess contribution should have been $8416-7100=$1316 instead of $9416.
My question is how do I fix that? It seems like this number is impacting my 2021 tax filing as well. Turbotax counted the $9416 as excess contribution in my 2021 filing again. Please help me understand and solve this.
Your help is sincerely appreciated!
