TurboTax requested to fill out the HSA account value under the Federal Taxes/ Deductions & Credits section.
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Correct. You would count the balance of the cash account and the value of the investments.
Where are you seeing that question ? That question is usually for an IRA not an HSA.
Please enter the total cash value of the HSA. This means convert any investments into their current cash value.
This question is asked when the taxpayer has an excess HSA contribution that is carried over to the next year. The penalty is 6% of the amount of the excess carried over or the value of the HSA, whichever is less.
The question is under the Federal Taxes/ Deductions & credits section.
Hi Mr. Bill,
So that means the total balance of cash account & the Investment Fair Market Value showed on the statement, correct?
Correct. You would count the balance of the cash account and the value of the investments.
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