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What is form 5329? I don't have a 5329 from 2020, what do I do?

The TurboTax prompt is asking me to enter the amount from line 48 on my 2020 Form 5329 - I do not have one....This is for my HSA and there is an amount already populated in TurboTax....Do I just use the amount listed?
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1 Reply
BillM223
Expert Alumni

What is form 5329? I don't have a 5329 from 2020, what do I do?

form 5329 would show (among other things) that you carried over excess HSA contributions from 2020 and were dinged 6% for it (that's what shows up on the 5329).

 

So did you have excess HSA contributions in 2020? If so, did you withdraw all of the excess before the due date of the 2020 tax return? 

 

If you had an excess AND you withdrew it in a timely manner, then answer NO to the question, "Did [name] overfund your HSA last year?". Your "cured" the excess by making the withdrawal.

 

If you did not have an excess last year, then ignore this question - just say NO.

 

"there is an amount already populated in TurboTax" - please tell me what the exact wording of this question is - there are two different places that ask about the 5329, and my answer has to be different for each one.

 

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