topic Excess HSA contribution - next steps to continue filing in Get your taxes done using TurboTax

Excess HSA contribution - next steps to continue filing

Anonymous — Sun, 01 Apr 2018 20:15:33 GMT

Turbo Tax told me that I made an excess 2017 HSA contribution ($3400). Before I file my 2017 taxes next week, tomorrow I will contact my HSA provider and ask them to remove the extra contribution and earnings. What happens after that?

Do I have to wait for a new form from my HSA provider indicating the removal BEFORE I file my 2017 taxes?
If NO to above, how does Turbo Tax handle the $3400 and the earnings for 2017?

Basically, how do I check that everything is in order and what all do I check for before filing my 2017 taxes?

Thanks,

Re: Excess HSA contribution - next steps to continue filing

PaulaM — Sun, 01 Apr 2018 23:42:02 GMT

1. No you don't have to wait to file your return

2. Indicate in the HSA section, that you will remove the excess contributions before the due date. TurboTax will then remove the excess calculation from the Form 5329 and the extra tax penalty.

Re: Excess HSA contribution - next steps to continue filing

Taxhelplz2020 — Thu, 06 Aug 2020 00:40:12 GMT

Paula! In a similar situation, except now the 2019's deadline (July 15) has passed and forgot to take the excessive out by the due date.

According to the HSA rep, there's nothing they can do at this point. What are the next steps for me? Do we have to file an amended tax return for 2019 to include the excessive contribution?

Thank you!