Schedule 1 shows the amount of $4,250 on line 25, but I do not see this amount carried over to the 1040.
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Hi rme1320134tax - HSA contributions can qualify you for a deduction. This deduction will reduce your taxable income, which means you'll have a lower tax, but it is not a credit which would reduce your tax directly.
With the new design of the tax forms, not all amounts will end up on the Form 1040. The HSA deduction will be shown on line 25 of Schedule 1 and will be included in the total on line 36 of Schedule 1. However, Line 36 does not end up going back to Form 1040. Instead, Form 1040 Line 7 is calculated by subtracting the amount on Schedule 1 Line 36 from Form 1040 Line 6.
Hi rme1320134tax - HSA contributions can qualify you for a deduction. This deduction will reduce your taxable income, which means you'll have a lower tax, but it is not a credit which would reduce your tax directly.
With the new design of the tax forms, not all amounts will end up on the Form 1040. The HSA deduction will be shown on line 25 of Schedule 1 and will be included in the total on line 36 of Schedule 1. However, Line 36 does not end up going back to Form 1040. Instead, Form 1040 Line 7 is calculated by subtracting the amount on Schedule 1 Line 36 from Form 1040 Line 6.
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