Closed my HSA

[monster50]

I Closed my HSA because as I was preparing my 2020 taxes. I realized I did not qualify for the deduction. Even though I was covered under a High deductible Insurance plan from work.  I was also covered under my wife's traditional health insurance plan.  

The amount in the HSA was $450.00. I closed the account and received the check. How do i enter this transaction in turbo tax? Did not receive a 1099-SA

[HelenC12]

Please clarify. Are you saying you opened an HSA in 2020 and closed it in 2020 because you thought you didn't qualify for an HSA? 

[monster50]

I opened the account in January 2020. Closed the account in March of 2021. My 2021 W-2 shows in box 12d 450.00 with a "W".  I am assuming this is still from my HSA and if so, how do I claim on this year's tax?

[JohnB5677 · Accepted solution]

You will post the W-2 to your tax return just as it is.  The $450 will be credited to the HSA.  You should go through the HSA interview to be sure it is posted.

You should get a 1099-SA this year for the distribution.  If you have not, you should reach out to the administrator.

This will be posted under:

• Wages & Income

• Less Common Income

• Select 1099-SA

• Select the type of plan

• Continue through the interview

• When you get to Did you spend your HSA money on medical expenses only? Say Yes.