Solved: I only have $2 on my HSA, can I just not put it so I can finish my Taxes?
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I only have $2 on my HSA, can I just not put it so I can finish my Taxes?

It's asking me for sooooo much more and it's so beeping confusing now, I just want to end this nightmare nowwwwww, I ONLY have $2 on it and hating this so much. Can I not put it?
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Level 15

I only have $2 on my HSA, can I just not put it so I can finish my Taxes?

It's not how much money is in the account that matters.  If you made contributions or withdrawals in 2016, those must be reported on form 8889, and that form isn't ready yet.  If you leave the form out, you WILL get a letter and a bill for taxes and penalties, because if you don't use the form to say that you used the withdrawal for qualified medical expenses, the IRS will assume the withdrawal were not qualified and will charge you tax on them.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

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1 Reply
Level 15

I only have $2 on my HSA, can I just not put it so I can finish my Taxes?

It's not how much money is in the account that matters.  If you made contributions or withdrawals in 2016, those must be reported on form 8889, and that form isn't ready yet.  If you leave the form out, you WILL get a letter and a bill for taxes and penalties, because if you don't use the form to say that you used the withdrawal for qualified medical expenses, the IRS will assume the withdrawal were not qualified and will charge you tax on them.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*

View solution in original post

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