Amount shown on form 5329, line 47 is labeled "excess contribution" but it is being pulled from form 5329-T Line 47 which is Total HSA contribution. How to correct?

[larry-lasday]

Please explain why HSA tax penalty calculation appears to be incorrect?

[larry-lasday]

Correction:  the amount from form 5329 line 47 is being pulled from form 8889 line 2.

[BillM223]

Form 8889 line 2 are your "personal" HSA contributions, i.e., contributions NOT through your employer. It is also the amount of the excess HSA contributions from the previous year(s).

You are describing a situation where your personal contributions (if any) are in excess for the current year. This can be caused by two things:

• You did not go through the HSA interview, nor told TurboTax what kind of HDHP coverage you had nor for how many months, or
• The amount of excess from the previous year fully completed this year's HSA contribution limit, so your current year contributions were all in excess.

In either case, we need you to possibly update your entries in the HSA interview.

• How much were your HSA contributions for 2024?
• How were they made, through your employer or directly?
• What kind of HDHP coverage did you have (Family or Self-only)?
• How many months did you have this coverage?
• Did you carry over any excess contributions from 2023?

This will give us a good start.