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How do i know if i overfunded my HSA


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How do i know if i overfunded my HSA
An excess contribution is a contribution made to an HSA that exceeds the annual contribution limit.
TurboTax calculates the amount of the excess contribution to the HSA (if any) based on your answers in the HSA interview.
An excess contribution does not depend on how much is left in the HSA at the end of the year.
The maximum limits in 2016 are:
- $3,350 - individual with self-coverage
- $6,750 - individual with family coverage
- If the HSA owner is 55 or older, then you add $1,000 to these amounts.
However, these limits assume that you were in an HSA all year. If you left the HSA during the year or started Medicare or had one of a number of change events, then the limit is reduced.
If you have an excess contribution, you have until April 18, 2017 to withdraw without penalty.
Please review the answers in your HSA interview. If it appears that you did over contribute, then call your HSA plan administrator before April 18, 2017 to withdraw the excess contribution.
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