HSA

Your 2020 contributions of $1,750 are not eligible to be deducted? 

 

Are you not covered by a high-deductible health plan?

 

The software will likely conclude that you have an excess contribution that may be:

• Withdrawn in part,
• Withdrawn in full, or
• Subject to an extra tax of 6%.

The remedy is generally to withdraw the $1,750 by May 17 from the plan so as to avoid the 6% penalty.

 

If you are not covered by a high-deductible health plan, you should make no more contributions to your health savings account.

 

To be eligible to contribute to an Health Savings Account in 2020, you:

• Must have been covered by a high-deductible health plan (HDHP);
• Did not have Medicare or other secondary health insurance policy; and
• Were not eligible to be claimed as a dependent on another return, no matter if you were claimed or not.

 

Thank you for answering the first part of my question. Could someone please answer the second part 

 

Also Turbo Tax says ‘Lets get this from your 1099-SA”

payer name, address, city, Federal ID no., account no. optional. My form 1099-SA only shows the amount in Box 1 of 396.36. It doesn’t show anything else.

1. Do I need to put each, and every dollar spent to each medical source- doctors, prescriptions, labs from the HSA website?

No, you don't have to enter every dollar spent to each medical source from the HSA website.  You can enter the information from Form 1099-SA.