You'll need to sign in or create an account to connect with an expert.
No, you likely have nothing to worry about. If you received your Health Insurance through work or your Health Insurance company itself set up your HSA, they would not have done so if you didn't have a qualifying HDHP health insurance. Many insurance companies may not specifically list the insurance as an HDHP on the insurance card, either.
Having said that, it doesn't hurt to double-check. If it turns out you do not have an HDHP, you will want to contact your plan administrator immediately to have the amount withdrawn as an excessive contribution. Otherwise it will be taxed at a 6% penalty. In addition, any amount that your employer contributed would likewise become taxable income. But, as I mentioned, if this was set up through your employer last year, it is highly unlikely that you do not have qualifying insurance for an HSA.
No, you likely have nothing to worry about. If you received your Health Insurance through work or your Health Insurance company itself set up your HSA, they would not have done so if you didn't have a qualifying HDHP health insurance. Many insurance companies may not specifically list the insurance as an HDHP on the insurance card, either.
Having said that, it doesn't hurt to double-check. If it turns out you do not have an HDHP, you will want to contact your plan administrator immediately to have the amount withdrawn as an excessive contribution. Otherwise it will be taxed at a 6% penalty. In addition, any amount that your employer contributed would likewise become taxable income. But, as I mentioned, if this was set up through your employer last year, it is highly unlikely that you do not have qualifying insurance for an HSA.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
1c98707ce2ff
New Member
Jisooh123
New Member
lettersnumbersdashesaunderscores
Level 1
MyCrai
New Member
unknown007
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.