My combined employer and personal contributions to my HSA account were $4900.00 (it has been this way for years). According to this link:
Why am I showing an excess HSA contribution in 2021? (intuit.com)
I am allowed up to $7200 for a HDHP family plan (which is the plan I have had for years).
When prompted by Turbotax for what kind of coverage I had during 2021, I selected "I was covered by a Family plan every month of the year" as it fully covers my 2 kids and acts as secondary insurance for my wife as well.
Why then is Turbotax insisting I had an excess contribution of $2600? I have maintained this exact contribution amount for 5 years, and this is the first time in those 5 years Turbotax is insisting I over contributed. Even if Turboxtax was confused and thought I have a self-only HDHP plan, I should be able to contribute up to $3600 according to the link above, but it's insistence I over contributed by $2600 indicates to me it thinks I am capped at $2300?
I'm not sure what to do at this point as I seem stuck on this screen where I have to chose what to do with the $2600 or pay 6% tax on it.
You'll need to sign in or create an account to connect with an expert.
Nevermind - the issue was on the "Let's enter <Person>'s HSA contributions" page.
It already listed how much the combined contribution was and I added another $4900 in the box below. I was so used to see "this is what you did in 2020, now enter what you did in 2021" that I thought that other $4900 was from 2020 and not what it already knew about 2021.
My bad.
Nevermind - the issue was on the "Let's enter <Person>'s HSA contributions" page.
It already listed how much the combined contribution was and I added another $4900 in the box below. I was so used to see "this is what you did in 2020, now enter what you did in 2021" that I thought that other $4900 was from 2020 and not what it already knew about 2021.
My bad.
Double-check how and where you entered the information for your contributions to the Health Savings Account.
If your total combined contribution of $4900 was reported on your W-2 in box 12 with code W, then that is the only place you will enter any information about contributions to the HSA. Be sure that you did not indicate that other contributions were made when you went through the HSA section of your return.
If all the contributions were not reported on the W-2 and some were made by you outside of payroll contributions, just be sure that the correct total amount has been entered between the W-2 and contributions you made on your own.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
NMyers
Level 1
gamjatang
New Member
TheSchulteMeistr
Returning Member
daveclim
New Member
daddio25
Level 2