Deductions & credits
I have tested the HSA entry in TurboTax, and the results are as expected. Are you manually entering your HSA contributions made through payroll in the HSA entry in TurboTax? If so, you shouldn't do that as you will be double-counting your contributions. If you only contributed through payroll, these amounts are on your W-2, Box 12, Code W. You also need to make sure you have indicated you have a high-deductible health plan all year.
According to Why am I showing an excess HSA contribution?, the 2024 maximum for both employer and employee HSA contributions was $8,300 if you have a family plan, plus $1,000 if you were 55 or older at the end of 2024. Compare W-2 Box 12, Code W to this amount. Then, check the HSA entry in TurboTax Online. You want to see the Code W amount show up, and not be editable in the HSA section of TurboTax. If it is wrong there, fix the amounts in the W-2 entry. Here's how to check in TurboTax Online:
- Click on Federal Taxes, Deduction & Credits
- Choose "add/edit" HSA, MSA Contributions
- You will see a page titled "Your HSA Summary" which will show any deductions already computed from your W-2
- Choose Edit, Check the box for HSA, Continue
- You'll now see a screen that says "Here's what we have so far" with the information from the 1099-SA, choose "Edit"
- After the entry screen for the amount distributed, continue and when it asks "Did you spend your HSA money on medical expenses only?" answer "Yes", if accurate.
- Choose done and continue until you get to a screen that says "Let's enter your HSA contributions"
- In the box "Any contributions you personally made (not through your employer)" DON'T enter the amounts you contributed through paycheck withholding. It has already been considered through your W-2 entry.
- Continue on, and if you were covered by Medicare, you will need to indicate what months this was the case, as your contributions will be limited.
- Next, you will be asked if you were covered by a High Deductible Health Plan (HDHP) in 2024? You need to have been covered the whole year to be allowed to make the maximum HSA contribution. Choose the proper plan beneath that.
