Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
_for_2016clg
New Member

I setup and contributed to an HSA on June 29, 2016 - does that mean I contributed under the 'last month rule'?

I have an HSA qualified plan now in 2017, and plan to keep it thru out 2017, so my impression is that if the 'last month rule' does apply to me, there should be no penalty because of keeping a qualified plan until Dec. 31st 2017, but to me, the whole concept is a confusing one.

To me, it seems like a better question for Turbo tax to ask would be - "Did you make a contribution to the HSA for the first time during 2016?', and if the respondent answers 'Yes', ask the date the plan was opened/funded, and let Turbo tax figure out the answer to the question 'Was a contribution made on the basis of the last month rule?'.

1 Best answer

Accepted Solutions
dmertz
Level 15

I setup and contributed to an HSA on June 29, 2016 - does that mean I contributed under the 'last month rule'?

TurboTax is asking if you made an HSA contribution for 2015 under the last month rule.  You did not.

View solution in original post

3 Replies
dmertz
Level 15

I setup and contributed to an HSA on June 29, 2016 - does that mean I contributed under the 'last month rule'?

TurboTax is asking if you made an HSA contribution for 2015 under the last month rule.  You did not.

_for_2016clg
New Member

I setup and contributed to an HSA on June 29, 2016 - does that mean I contributed under the 'last month rule'?

Yes, that sounds correct dmertz, thank you.   I suppose I will be asked the last rule question on my 2017 taxes when I do them next year, and the answer then will be 'yes'.    Is that correct?
dmertz
Level 15

I setup and contributed to an HSA on June 29, 2016 - does that mean I contributed under the 'last month rule'?

Yes, that is correct.  Hopefully by then TurboTax will have taken the suggestion to add back the year that the question is asking about.  (For 2016 they tried to "simplify" the question, creating massive confusion.)

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v