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The limit for a person who had single medical insurance coverage that was qualifying HDHP insurance for the whole year is $3350 for 2016. That limit may be pro-rated if you only had qualifying HDHP insurance for part of the year.
The most common tax mistake is to double-report your contributions. Any contributions that were made by your employer OR BY YOU via pre-tax payroll deductions are reported in your W-2 box 12 with code W, and are automatically captured by Turbotax. Later when you run the HSA interview, you will be asked about additional contributions -- only enter additional contributions you made out of pocket, do not include payroll contributions.
Also, if you do not have a qualifying HDHP health insurance plan, all of your HSA contributions will be considered excess, so it is important to answer all the HSA questions and tell the program that you had qualifying insurance. This question may come up in the W-2 interview "we noticed you had HSA contributions, so tell us about your insurance" and the questions are definitely included in the HSA interview on the Deductions and credits page. Make sure you do all the questions in the HSA interview even if you did not have withdrawals or after-tax contributions, so that you will get the chance to confirm that you did have qualifying insurance coverage.
The limit for a person who had single medical insurance coverage that was qualifying HDHP insurance for the whole year is $3350 for 2016. That limit may be pro-rated if you only had qualifying HDHP insurance for part of the year.
The most common tax mistake is to double-report your contributions. Any contributions that were made by your employer OR BY YOU via pre-tax payroll deductions are reported in your W-2 box 12 with code W, and are automatically captured by Turbotax. Later when you run the HSA interview, you will be asked about additional contributions -- only enter additional contributions you made out of pocket, do not include payroll contributions.
Also, if you do not have a qualifying HDHP health insurance plan, all of your HSA contributions will be considered excess, so it is important to answer all the HSA questions and tell the program that you had qualifying insurance. This question may come up in the W-2 interview "we noticed you had HSA contributions, so tell us about your insurance" and the questions are definitely included in the HSA interview on the Deductions and credits page. Make sure you do all the questions in the HSA interview even if you did not have withdrawals or after-tax contributions, so that you will get the chance to confirm that you did have qualifying insurance coverage.
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