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I qualify for HSA catch up contribution - max $4,450 for 2018. Turbo Tax is calculating a 6% tax due of $267 for over-contributing. This is wrong, I am over 55.

 
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5 Replies

I qualify for HSA catch up contribution - max $4,450 for 2018. Turbo Tax is calculating a 6% tax due of $267 for over-contributing. This is wrong, I am over 55.

Did you enter an amount in the personal contribution section that was already covered by a payroll deduction?  Your payroll deductions (plus any free money from the employer) are listed on your W-2 and captured automatically.  Later in the program when you are asked about your own contributions, you should only list contributions you made directly to the HSA bank with after-tax, out of pocket dollars.

Otherwise, the amount of $267 doesn't correspond to anything I can identify (for example, if the program thinks you only qualified for 11 months, the amount would be $287.50 if you were under 55 or $270.83 if you were 55 or older).  
dmertz
Level 15

I qualify for HSA catch up contribution - max $4,450 for 2018. Turbo Tax is calculating a 6% tax due of $267 for over-contributing. This is wrong, I am over 55.

A penalty of $267 implies that $4,450 is being treated as an excess contribution.  Examine Form 8889 to see the reason.

I qualify for HSA catch up contribution - max $4,450 for 2018. Turbo Tax is calculating a 6% tax due of $267 for over-contributing. This is wrong, I am over 55.

Did you answer the questions about qualifying insurance?  You have to run the entire interview without skipping around.  

I qualify for HSA catch up contribution - max $4,450 for 2018. Turbo Tax is calculating a 6% tax due of $267 for over-contributing. This is wrong, I am over 55.

Thank you.  I reviewed again and found that I had entered the amount from my W-2 and then entered it again when I was answering questions about my HSA.  I appreciate your responses.

I qualify for HSA catch up contribution - max $4,450 for 2018. Turbo Tax is calculating a 6% tax due of $267 for over-contributing. This is wrong, I am over 55.

Solved in comments. 

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