Hi
I did a wrong entry in 2022 Federal tax by adding HSA Excess Contribution in form 5329.
Now, that excess contribution (which I didn't actually make) is still showing in 2023 Federal Tax return and I will pay another 6% penalty on it since I did contribute during 2023 tax year to HSA as well.
Is the right way to fix this:
1- Submit 1040X to amend 2022 to undo the excess reported in 2022 and submit 5329 as well to show that there is no excess in 2022.
2- Once I do that, then when I submit 2023 Federal
- Input ZERO in the field 'Excess HSA contributions carryover from 2022 still in HSA account' Since I submitted the amendment
- Input ZERO in the field 'Amount from 2022 Form 5329, Line 48' ... this is currently not Zero in 2022, but I will submit the Amendment First and I will make sure it will be zero in the Amendment.
Thank you
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yes you'll need to amend 2022
then you'll need to go to the 2023 carryover worksheet to eliminate the excess carryover from 2022
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