- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Yes, sort of.
What you would have to do is contribute the amount of the excess to your HSA BEFORE April 15, 2022, then turn around and ask for the withdrawal of excess contributions for 2021 from the HSA administrator BEFORE April 15, 2022. The HSA administrator would send you a check for the amount of the excess.
Note that if you then turn around and contribute that same excess to your HSA for 2022 as a direct contribution, you would get a second contribution deduction, but, of course, will have only half of the amount you contributed the two times still in your HSA (no free lunch here).
Also, please be sure to tell TurboTax on the appropriate screen in the HSA interview that you intend to withdraw the entire excess by the due date of the return. This will automatically add the amount of the excess to line 8 (Other Income) on Schedule 1 (1040), if the original excess was part of the contribution on line 12 with a code of W on your W-2.
**Mark the post that answers your question by clicking on "Mark as Best Answer"