In the past we got credit for our medical savings account on the Montana tax return. It did not show up on my form this year - 2021. Do we still get credit for a medical savings account?
Yes, according to this Montana.gov link, you may exclude contributions up to $4000. Here is how to enter.
Log into Turbo Tax
Go to federal> deductions and credits>Medical>show more
HSA, MSA Contributions>start
Now you will answer all the questions pertaining to your contribution
Next you will select State
Montana should be listed as a state but you may need to add it into your return Here you say Add state. Select he start button next to Montana
Scroll through the questions in your state return until you reach a screen that appears below. Here is where you enter your information regarding your Montana Savings Account.
My husband and I are filing jointly on the Montana State return. When I put our information in on Form 2
under the Montana Medical Savings Account Schedule, it only picks up his contribution but does not pick up my $4000 contribution. Has anyone had this issue?
When you made the entries in the State interview for the beginning balance and the ending balance, did you enter the 8,000 (or whatever your total actually is) for the "MSA contributions"?
And on the Subtractions Schedule, what amounts appeared in which columns on lines, 15, 36, and 38?
[Edited 2/23/2022 7:12 PM PST - removed first question because the OP already answered it]
The form only provides one column in the interview when filing jointly. Should I add our beginnings balances, contributions, interest, ending balance all together? I would also add the qualified expense as one entry.
This will work but will not match up with bank records because there are two accounts.
Thank you for your help!
"Should I add our beginnings balances, contributions, interest, ending balance all together? I would also add the qualified expense as one entry."
Yes. The second column is used in Montana only when you are filing separately in Montana but you have said that you are filing jointly.
The taxing authority will understand since these are their instructions.
So just add everything together.