In 2023 only (not previous years), my wife took took out an FSA ($3000) at her new job while I started an HSA in 2023 with a value of $5000. All of the FSA and HSA funds were consumed within 2023. My understanding is that I'll have to pay a 6% excise tax on the total value of my HSA and, in addition, the $5000 associated with my HSA must be claimed as income. Is this correct? Note, all of funds were utilized for medical expenses. Also, I read similar posts on this subject which mentioned paying "excess" only?
In addition, how do I address this matter in turbo tax?
Thanks!
