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Retirement tax questions
Thank you both! Just to clarify, as long as I tell TurboTax that I will (have) take out the excess contribution by April 2018, that amount will be AUTOMATICALLY added to line 21 of 1040 as Other income (similar to how 1099-Misc work) and I would not be penalized by IRS for over-contribution.
THIS YEAR RETURN (2017), I don't need to do anything to the 2017 1099-SA (box 1 stays the same distribution amount and box 3 still says 1).
NEXT YEAR RETURN (2018), I will receive TWO forms from my HSA provider, one for excess contribution in 2017 and one for normal distribution in 2018. Then for NEXT YEAR RETURN (2018), I will need to file TWO separate HSA entries (each one under its own Box 3 code).
Somehow I feel like it'd be so much easier if I could just report it on this year (2017)'s tax return since I already corrected the problem but I guess if this is the only way I'll have to remember in a year's time 🙂
THIS YEAR RETURN (2017), I don't need to do anything to the 2017 1099-SA (box 1 stays the same distribution amount and box 3 still says 1).
NEXT YEAR RETURN (2018), I will receive TWO forms from my HSA provider, one for excess contribution in 2017 and one for normal distribution in 2018. Then for NEXT YEAR RETURN (2018), I will need to file TWO separate HSA entries (each one under its own Box 3 code).
Somehow I feel like it'd be so much easier if I could just report it on this year (2017)'s tax return since I already corrected the problem but I guess if this is the only way I'll have to remember in a year's time 🙂
‎June 6, 2019
7:17 AM