Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
SirNoodle
New Member

I mis-reported my HSA balance in 2015 - now Turbo Tax is calculating tax on my "excess 2016 contributions" which are really prior year (2015) contributions. How do I correct?

 
1 Best answer

Accepted Solutions
Opus 17
Level 15

I mis-reported my HSA balance in 2015 - now Turbo Tax is calculating tax on my "excess 2016 contributions" which are really prior year (2015) contributions. How do I correct?

Solved in comments.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

View solution in original post

6 Replies
Opus 17
Level 15

I mis-reported my HSA balance in 2015 - now Turbo Tax is calculating tax on my "excess 2016 contributions" which are really prior year (2015) contributions. How do I correct?

I think more info is needed.  What did you contribute for tax year 2015, what did you report, and what are you reporting this year?
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
SirNoodle
New Member

I mis-reported my HSA balance in 2015 - now Turbo Tax is calculating tax on my "excess 2016 contributions" which are really prior year (2015) contributions. How do I correct?

I contributed the maximum allowable for an individual (single) both years.
SirNoodle
New Member

I mis-reported my HSA balance in 2015 - now Turbo Tax is calculating tax on my "excess 2016 contributions" which are really prior year (2015) contributions. How do I correct?

I did not report an ending HSA balance for 2015 - a complete oversight on my part.  The entire 2015 balance is now being recorded as excess contributions and taxable.
Opus 17
Level 15

I mis-reported my HSA balance in 2015 - now Turbo Tax is calculating tax on my "excess 2016 contributions" which are really prior year (2015) contributions. How do I correct?

That doesn't make sense, because year end balance does not go on the tax form.  If you contributed $3350, and turbotax is showing a $3350 excess contribution, there are two other possibilities.  One is that you answered the questions about HDHP health insurance in a way that indicates you are ineligible.  The other possibility is that you double-entered your contributions.  HSA contributions made via payroll deduction are listed on your W-2 in box 12 with code W and turbotax automatically picks them up.  Later in the HSA interview, you should only enter any additional out-of-pocket deposits you made, don't re-enter your payroll contributions.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
SirNoodle
New Member

I mis-reported my HSA balance in 2015 - now Turbo Tax is calculating tax on my "excess 2016 contributions" which are really prior year (2015) contributions. How do I correct?

I think I found the problem - yes, I entered the contributions twice.  Since the limits were the same for 2015 and 2016, I then thought I was being taxed on 2015.  Thanks for helping me find the issue.
Opus 17
Level 15

I mis-reported my HSA balance in 2015 - now Turbo Tax is calculating tax on my "excess 2016 contributions" which are really prior year (2015) contributions. How do I correct?

Solved in comments.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v