Form 5329 Line 47 Error

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TurboTax will double the excess HSA contributions from your 2022 tax filings. This is a software error in this year's software. Now I must fill an amended tax for 2022 due to TurboTax software defect. Is this being addressed?

BillM223

Level 15

"Now I must fill an amended tax for 2022 due to TurboTax software defect."

No, you do not have to amend your 2022 return - there was nothing wrong with the HSA section (forms 8889 and 5329) for tax year 2022.

The current news is that the form 5329 issue in doubling the excess HSA contribution carryover will be addressed on February 23rd. When it is, please walk through the HSA interview to allow TurboTax to recalculate the numbers on both forms (8889 and 5329). Of course, you will manually check the forms.

Please note that we don't know when on February 23rd the update will be applied, so check on the 24th.

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xyzqqAuthor

Level 2

Sorry, I should have said I will need to amend my 2023 tax filling. I have used Turbo Tax for 6 years and never had an issue. I wish I would have known of this error earlier and not submitted my 2023 tax return. Any suggestions on how to go about the process?

BillM223

Level 15

The current note is

"A software update to resolve this problem is scheduled for release on February 23, 2024. On or after that date, you'll need to sign into TurboTax, and follow the steps below to review and retransmit your Federal 1040 tax return:

If you're using TurboTax online: 1) Sign in to your TurboTax account. 2) Select Federal (left menu), and then Deductions and Credits. 3) Visit the following topic under Medical: HSA,MSA 4) Walk through the Health Savings Account 5) Answer questions dealing with the over contribution of your Health Savings Account in 2022 6) E-file your return (you won't be charged any additional fees).

If you're using a CD or downloaded version of TurboTax: 1) Update TurboTax (visit our Support Site if you need help updating). 2) Select the Federal tab, then select Deduction and Credits 3) Visit the following topic: 1099-SA, HSA, MSA 4) Walk through the Health Savings Account 5) Answer questions dealing with the over contribution of your Health Savings Account in 2022. 6) E-file your return (you won't be charged any additional fees)."

I don't understand the mechanism on "retransmitting" your 1040 return if you have already filed once so I have asked for clarification on what that entails. Don't start amending until I get clarification on this.

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