I was about to file my tax return for 2016 but when TurboTax did a scan to see if everything was in order before I filed, it asked me to fill out a 5329-T form. It’s asking for my year end value. I did not use any funds from my HSA Account, so I didn’t receive a 1099-SA (I’m assuming I should have received one if I used it, which I didn’t), I only contributed. I received a 5498-SA form and on box 5 of the form (Fair market value of HSA, Archer MSA, or MA MSA) is $1568.00. However box 2 is $1572.00 (total contribution made in 2016 – which is a combination contribution from my employer and myself). The $1572.00 is also on my W-2 in box 12 – W: Employers contributions, which also includes my contributions, I believe (hopefully I understood the correctly). I’m assuming because I haven’t used any funds from my account, I also do not need to fill out form 8889, which seems to work with form 1099-SA. Therefore, I’m assuming the only thing I need to do, because Turbo Tax is having me fill it out, is the 5329-T form. I do not understand the 5329-T form. Turbo Tax filled out lines 47 and 48 as $1572.00 (both lines have that number), so I’m assuming that’s also my contribution year to date as well. However lines 47 and 48 note that $1572.00 are excess contributions and it’s not an excess contribution. I believe I’m under the contribution I’m allowed to make (the limit for an individual should be $3350). Is that right? Or do I need to figure out my actual contribution to year 2016 from the $1,572.00 amount and add that number (subtract my contribution from my employers and add that amount)? If it’s something else, can you please let me know? I don’t want to file an extension and I also don’t want to place the wrong amount because I don’t understand what it’s totally asking for. Sorry for the lengthy question. I cannot make sense of any of the forms.
