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
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.
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?
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?
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.