We have a question about withdrawing excess HSA contributions due to accidentally signing up for both an HSA AND a general purpose FSA in 2023.
Details:
However, Turbotax will not let us file due to this error:
Form 8889-T: HDHP coverage check box needs to be checked to indicate the type of coverage held under a high-deductible plan during 2023.
Is this because my husband's W-2 still shows the $7,750 of employer contributions for 2023? Or is this a bug and we should we try clearing our forms and starting over?
Could you please advise on what we're doing wrong and how we're supposed to handle this in Turbotax? We have tried reviewing other posts about this and keep going around in circles. Thank you so much for your time!
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For type of HDHP, check family even though not qualified.
For each month you must indicate none for HDHP (there is no box for not qualifies).
The excess should appear on schedule 1 line 8f.
Did you earn any income on the contributions? If so, that also needs to be withdrawn.
Please check back later. I will page @dmertz to see if he has any input.
For type of HDHP, check family even though not qualified.
For each month you must indicate none for HDHP (there is no box for not qualifies).
The excess should appear on schedule 1 line 8f.
Did you earn any income on the contributions? If so, that also needs to be withdrawn.
Thank you so much for your response @Mike9241 - we did this and everything looks like it's showing up correctly. Such a relief - really appreciate your time!
And oops, I forgot to mention that in my original post - yes, we also withdrew the income on the excess contributions prior to 4/15/24. Further, it's our understanding that since we withdrew that income on the excess contributions in 2024, we will pay taxes on that earned income on our 2024 return. Thanks again and have a great week!
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