Retirement tax questions

Thanks for sharing information:

Q1: I do not have Medicare, and had not taken SS since I still work at this time. I provide coverage for me and my wife. So I found it strange that I was not allow to take a HDHP with my employer for 2022. Since that occurred, I retained my HSA and contributed $1200 in 2022. But within the 1099 SA it states Gross Distribution of $568.12, but if I add in TT that I contributed in 2022, it tells me to withdraw the $1200, but obviously there isn’t $1200 available, only $631.88. And if I input the $1200 in TT, I then have an increase in tax payment, not a large amount, but its obvious that something is wrong or how I am reporting this.

HSA TT image.PNG

 

Q2: My comment on the company sponsored pension plan and contributions to HSA, was based on research on the eligibility to have the HSA, my error in stating it was TT. But apparently, unless I have an HDHP, I can’t contribute to the HSA. Was thinking of moving Trad IRA to HSA to have in a tax free environment and have it for future medical expenses, but it seems I can’t as I have a company pension plan, plus it doesn’t look like I have an “actual” HSA as well given what I know now.

 

Q3: I had a HDHP policy in 2021 when the HSA was started, but then that changed as I noted earlier. So it’s a bit confusing. Do I have an HSA? Can I contribute to it either with personal funds or from an Ira?