Hsa contributions in error due to Medicare

[R1taaram]

I have years of excessive hsa due to contributing while on Medicare in error.

I have no money to withdraw, do I pay all that’s due this year or do I have to amend every year?

[PattiF]

You can use Form 5329 mentioned in this TurboTax help article to pay all that is due in one year. 

If you are using TurboTax Desktop you would search for Form 5329, Part VII to access the section that would detail the excess contributions to your HSA. Use the worksheet for the entries. This would need to be prepared in the Forms Mode. This involves multiple entries and you may need additional assistance to complete the form.

[R1taaram]

Do I need to file a 5329 for each year separately ?

[JamesG1]

Yes.  You would create a 5329 for each year and either remit payment for that year or carry it forward where it is paid in the current year's tax return.

When you surpass the maximum contribution limits, the IRS penalty equals 6% of your excess contributions.  For example, if you have a $100 excess contribution, the IRS penalty would be $6.00.

This penalty applies to each tax year the excess contribution remains in your account. This means you will incur the 6 percent excise tax every year until you remove it from the account or apply it to a future year.