Reporting Personal HSA contributions using TurboTax 2024

Forum|Forum|1 year ago
March 9, 2025
2 replies
18 views

When I enter in my personal HSA contributions, the Federal Refund box in the top banner decrements considerably by several hundred dollars. I have a high deductible medical ins. plan and make contributions within my Fidelity account where my HSA is held. I would think that the refund box would increment. What am I missing here?

thanks

Shawn

MindyB

Level 13

If, after entering your HSA contributions, you owe more tax, it seems that the software may think you do not have a high deductible savings plan. Ensure that you have indicated that you do:

Click on Federal Taxes, Deductions & 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"
Review the information in the next few screens for accuracy
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

If that looks correct, print your return to pdf and find Form 8889. Line 13 should be the amount of your contribution. Line 16 should be $0 if you spent all the distributions on medical expenses.

ShawnGerberAuthor

Level 2

This worked. Thank you. I should note that I needed to save and exit the application, restart and then enter in my personal contribution before it functioned correctly.

thanks again

Shawn