Hi,
Background:
I am currently doing my estimated taxes for 2023 using Turbo Tax. I had HSA Contributions made thru Dec 31, 2022, because I had a high-deductible plan at that time. But starting in January 2023, I stopped HSA and in March 2023, I enrolled in Medicare, which was retroactive to July 2022.
So, knowing that HSA and Medicare retroactive dates CANNOT overlap, I withdrew the HSA contribution from July 2022-Dec 2022 as excess HSA contribution and reported it as taxable income on my 2022 Tax form.
Here are my questions for Tax Year 2023:
1. Now for 2023, Turbo Tax is asking if I had a High-deductible plan as on December 1, 2022. Should I answer Yes OR NO - given the fact I had withdrawn the HSA contribution for that date?
2. Turbo Tax is also asking me if I made Excess contribution in Tax year 2022 because it could affect my 2023 Tax Returns. I answered this as NO - again, because I had already withdrawn the excess in 2022 tax year itself and paid taxes in that tax year. Is this a correct answer?
Ps: In the past year, Turbo Tax experts were kind enough to answer my other questions and I am hoping they would do the same with these questions. Happy Holidays and look forward to your answers.
