topic HSA contribution in Deductions & credits

HSA contribution

wanghanzheng — Sat, 10 Apr 2021 03:01:52 GMT

Hi,

On 2/20/2021, I contributed $2500 to my 2020 HSA; as this was my after tax income, could I get 2020 HSA tax deduction? If so, where should I input in TurboTax?

Thanks

Re: HSA contribution

BillM223 — Sat, 10 Apr 2021 03:50:25 GMT

You enter this in the HSA interview in TurboTax.

Do a Search (upper right) for hsa and click on the jump-to link (Mac users must find HSA in the Topics List). NOTE: just type hsa and hit Enter. Ignore any suggested search terms.

Continue through the interview, answering questions as you find them. You will come to a screen with the heading: "Let's enter [name]' HSA contributions". Enter the $2,500 on the second line where it refers to personal contributions.

This number will appear on line 12 of Schedule 1 (1040), and reduce your adjusted gross income.

Re: HSA contribution

Mike9241 — Sat, 10 Apr 2021 07:19:49 GMT

not sure what you mean by after-tax income. but if your agi is $2500 and it's all earned income you really get no tax benefit from the HSA. without it, your standard deduction would reduce your taxable income to zero in most scenarios. not that contributing to an HSA is wrong just that there may be no tax benefit from it.

Re: HSA contribution

wanghanzheng — Sun, 11 Apr 2021 00:08:48 GMT

I tried to enter $2500 on the second line, which refers to personal contributions. However, my refund was decreased: from -$1000 to -$1150.

Looks like it worked the opposite way, it increased my AGI.

Then I tried to put -$2500, nothing changed.