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Deductions & credits
Thanks for the prompt reply, yes when we (my wife) inquired the HSA provider they provided a "Distribution of Excess HSA Contribution Form" which contains three options:
1. Change tax year to 2021.
2. Check.
3. One time electronic fund transfer
And we chose option 1. So from what you said my understanding is that the excess contribution will be taxed this year but in next year we will get an extra deduction on the excess contribution amount? The earnings on the excess contribution will also be taxed next year. Is this correct?
‎February 25, 2021
7:18 PM