There is obviously a glitch in the Turbo Tax software since the $5,000 + in deductions & contributions are not showing on the main deductions page. It is showing zero, when I check the forms page.. it is also showing zero so the information is not populating. How can this problem be fixed?
You'll need to sign in or create an account to connect with an expert.
The screen entitled Deductions & Credits (often called Your Tax Breaks) lists only the contributions that you made directly to your HSA outside your employer, called "personal contributions". This amount appears on line 25 of Schedule 1 (Form 1040).
Most taxpayers, on the other hand, contribute to their HSA by means of a payroll deduction program - this is the code W in box 12 on your W-2. Since this code W amount is removed from boxes 1, 3, and 5 on your W-2, this amount does not appear on your 1040 (other than on form 8889), because it does not need to be deducted - it already was from your Wages.
It's not obvious, but your code W is not supposed to appear anywhere on your return, because it was removed from your income - hence, no need to have an additional deduction. And since the Deductions & Credits screen shows only direct contributions, it might be easy to think that there is a glitch when there isn't.
Did I cover your question?
The screen entitled Deductions & Credits (often called Your Tax Breaks) lists only the contributions that you made directly to your HSA outside your employer, called "personal contributions". This amount appears on line 25 of Schedule 1 (Form 1040).
Most taxpayers, on the other hand, contribute to their HSA by means of a payroll deduction program - this is the code W in box 12 on your W-2. Since this code W amount is removed from boxes 1, 3, and 5 on your W-2, this amount does not appear on your 1040 (other than on form 8889), because it does not need to be deducted - it already was from your Wages.
It's not obvious, but your code W is not supposed to appear anywhere on your return, because it was removed from your income - hence, no need to have an additional deduction. And since the Deductions & Credits screen shows only direct contributions, it might be easy to think that there is a glitch when there isn't.
Did I cover your question?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
caryoak
New Member
DoctorJJ
Level 2
wallyFLGator
New Member
csallee74
New Member
livingst
New Member