UPDATE -- I realized my error, I was only adding one catch-up contribution instead of 2. So my $7500 contribution was in fact correct since it's 10/12 of $9000. I don't understand why TT is claiming that I overpaid by $1, and I guess the $8000 max contribution it told me was just for me, and an extra $1000 for my wife.
My original post:
I may have over-contributed to my HSA in 2019 and I am confused about the way that Turbotax is handling it. Here are my details (I've tried to include everything).
I had a HDHP health insurance plan from March-December of 2019. I also have it this year but both my wife and I are turning 65 so we will be losing the HDHP and going on Medicare. I contributed $7500 to the HSA plans in 2019, $6500 for me and $1000 for my wife. Note sure how I came up with that number, which I now think was too high.
I understand that even with the partial year coverage in 2019 I would be able have been able to make the normal full year contribution ($7000+$1000 catch-up) IF we met the "Testing Period" and been enrolled in the HDHP on 12/31/20. But that will not be the case since we will both be on Medicare by then. So it appears that my maximum contribution should be $6666.67 (10/12 of $8000).
Now, for Turbotax. The first problem is that Turbotax does not ask if I intend to be in the HDHP on 12/31/20, so it's telling me that I can contribute the full $8000. So I tried to fool it into calculating the 10/12 number by saying that my coverage was fro February-November. It then came up with the correct maximum contribution. However, when I let it figure out my over-contribution, it only claims that we went over by $1 instead of $833 ($7500-6667).
So my questions are 1) am I correct that my max HSA contribution for 2019 should have been $6666.67, and 2) why is TT telling me that I only have an over-payment of $1 instead of $833? I have not filed yet, so I can still fix it before filing.
Thanks.
