Thank you for your help, what a mess, I wish we knew all that before she applied for her SS benefits.
To be clear, my wife is still covered by the work group insurance until she retires in December 2024.
So, the excess contributions for October-December 2023 will be automatically done in turbo tax, right? I would just have to make adjustment when the HSA administrator sends her a check for the 2023 excess contributions?
If I understand correctly, if this was done manually, it would be reported on the Form 8889 Part 2 Line 16 as taxable contributions and then it would go to the Schedule 1 Line 8f and reported as Other Income?
How do I know how much investment gains I would have to report on our 2024 tax return, these are just cents amount, because this account is a bank account with very low interest, not an investment account. Why this is not reported on the 2023 1040-X form together with excess contributions?
Also, is the HSA administrator going to send any forms for all those 2024 excess contributions for January 2024-April 2024 period in early 2025?
Thank you,
