If the HDHP that you had at the end of the year was a family plan, you qualify for the maximum family contribution under the Last Month Rule. If you are eligible to contribute to an HSA on the first day of the last month of your tax year, you are considered eligible for the entire year, provided you stay enrolled in an HSA qualifying HDHP. There is a testing period of twelve months. This means you must stay eligible through the end of the next year (2024), or you will be subject to taxes and penalties.
Under the Last Month rule, you can contribute a combined total of $7,750 to your HSA accounts, plus an additional $1,000 if you are 55 or older.
When entering your 1099-SA, be sure to indicate the amount of the distribution that was used to pay qualified medical expenses. Otherwise it will be taxable. You can see whether any of your distributions are showing as taxable by reviewing Schedule 1 (Form 1040), Part I, line 8f. To review your Form 1040 in TurboTax Online, see the following Help Article:
How do I preview my TurboTax Online return before filing?
To verify your contributions are properly reported, you can revisit the HSA entry section. You can also review Form 8889 in your tax return. To review this form you will have to
If you want to review your return you will need to pay for TurboTax and then you will be able to print your entire return or specific forms/schedules prior to filing. You will still be able to make changes prior to filing. Follow these steps to print a preliminary copy of your return in TuboTax Online:
- While logged in and working on your return, click on My Account
- From the drop down menu click on Print Center
- Click on Print, save or preview this year's return
- On the next screen click on Continue to pay by credit card
- Submit your payment information and you will be able to print your tax returns
I suggest you print as a PDF fIle.
Note, you must pay by credit card in order print or preview your preliminary return. You will not be able to pay using your federal tax return.
[Edited 02-26-2024, 1:25 pm PST]
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