HSA catch up contribution

WingMan7 — Fri, 31 Jan 2020 04:32:06 GMT

I am 60 years old and contributed $4,500 to my HSA in 2019 ($3,500 IRS limit plus the $1,000 catch allowed if you are over 55). Turbo Tax Deluxe tells me I over contributed $760 and will be taxed 6% of the overage. I have the most recent updates and my birth date is entered correctly. What am I doing wrong?

"You may want to withdraw money from your HSAs

It looks like xx has an excess contribution of $760. This amount is being taxed at 6%"

Re: HSA catch up contribution

GiseleD — Fri, 31 Jan 2020 04:47:32 GMT

The limit for you is indeed $4500 based on your age. If there were no typos in your entries, you may want to check your W-2. It is possible that your employer also made contributions. The eligible contribution amount to an HSA must be reduced by any employer contributions to an employee’s HSA that are excludable from income.

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HSA catch up contribution

Re: HSA catch up contribution