BillM223
Expert Alumni

Retirement tax questions

As you are probably aware, we in the Community cannot see your private tax data. Could you tell us which line you think is incorrect and how it is incorrect?

 

I will note that the way that the IRS instructions work for the $1,000 "bump" is different between those with HDHP Self-only coverage and those with Family Coverage, thus, a common misunderstanding is to assume that they work the same way.

 

Another common misunderstanding is that the $1,000 is pro-rated based on the number of months you are 55 and over in the first year. Thus, if your HDHP coverage starts July 1, 2022, then the "bump" for 2022 is $500 (i.e., $1,000 times 6 divided by 12).

 

If you still have questions, please come back with more details and help us help you.

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