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New Member
posted Jun 4, 2019 3:35:38 PM

Asking for Form 5329-T info: value of HSA at end of year. I do not have that form. I can find that info on Form 5498-SA on my HSA Optum Bank online. Use this value there?

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3 Replies
Level 13
Jun 4, 2019 3:35:39 PM

Yes, box 5 on the 2017 5498-SA is the value of your HSA on December 17, 2017.

The 5329 is asking for this amount because you are being assessed a penalty for an excess HSA contribution, which is 6% of the smaller of the excess or your HSA value at the end of the year.

The 5329 is not mailed to you; it is generated automatically by TurboTax as part of the penalty processing.

New Member
Jun 4, 2019 3:35:40 PM

What about needing to file IRS form 8889 with your income taxes to report contributions and distributions from your health savings account. Where do I enter this and find that form?

Level 13
Jun 4, 2019 3:35:42 PM

Form 8889 is generated by TurboTax and attached automatically to your tax return. You enter this by going through the HSA interview, which is at Federal->Deductions & Credits->Medical->HSA, MSA Contributions. Be sure you go all the way to the end (back to "Your Tax Breaks").