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tbosel
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- Posted Re: I need help on how to fix a previous year tax return with respect properly accounting for a catch-up contribution. on Retirement tax questions. March 19, 2022 6:29 AM
- Cheered Re: I need help on how to fix a previous year tax return with respect properly accounting for a catch-up contribution. for dmertz. March 19, 2022 6:29 AM
- Posted Re: I need help on how to fix a previous year tax return with respect properly accounting for a c... on Retirement tax questions. March 18, 2022 2:35 AM
- Cheered Re: I need help on how to fix a previous year tax return with respect properly accounting for a c... for BillM223. March 17, 2022 5:52 PM
- Posted Re: I need help on how to fix a previous year tax return with respect properly accounting for a c... on Retirement tax questions. March 17, 2022 5:51 PM
- Posted I need help on how to fix a previous year tax return with respect properly accounting for a catch-up contribution. on Retirement tax questions. March 13, 2022 5:02 PM
March 19, 2022
6:29 AM
dmertz Thanks for your input. How do I amend my 2020 tax return to correct this error? I file my taxes each year with TurboTax and just recently I got back into my 2020 TurboTax and 2020 return and tried to figure out how to amend my 2020 return but I could any way of amending my 2020 HSA contributions. Can you give me specific instructions on how to amend my 2020 return to fix my previous error. Thanks, Tod B.
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March 18, 2022
2:35 AM
BillM223 Is there any way for me to file and amendment to my 2020 tax return so that I can reduce my total HSA contribution from $5800 to $4550 ($5800-$1250)? Thanks, Tod B
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March 17, 2022
5:51 PM
BillM223 Here are the answers to your questions. 1. In 2020 and in 2021, what type of HDHP coverage did you have? Family or Self-only? Self-only, I assume? I have “self-only” HDHP coverage through my employer. 2. What was in boxes 1, 2, 3 on your 5498-SA. (you said 5,800 in box 2)? 2018, Age 53, 5498-SA, box1=0, box2=$2250, box3=0, box4=0, W-2 box12W=$2250 2019, Age 54, 5498-SA, box1=0, box2=$2250, box3=$1250, box4=0, W-2 box12W=$2250 2020, Age 55, 5498-SA, box1=0, box2=$5800, box3=0, box4=0, W-2 box12W=$4550 (for my 2020 tax return, I failed to reduce the box 2 by the $1250 that I contributed in 3/24/2020 to my 2019 HSA) 2021, Age 56, 5498-SA, box1=0, box2=$4600, box3=0, box4=0, W-2 box12W=$460 3. Are you 55+? I turned 55 in 2020. 4. In 2020, did TurboTax say anything to you about excess contributions for 2019? Yes, but I just paid the extra income tax on the excess and tax on its dividends. 5. What was code W in box 12 on your W-2 for 2021? $4600 6. Did you make any direct contributions to your HSA in 2021? i.e., not through your employer. No 7. What did you enter on the screen, "Let's do [name]'s HSA contributions" on the second line for "personal" contributions? $0 Thanks, Tod
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March 13, 2022
5:02 PM
On 3/24/2020, I made a catch-up contribution of $1250 to my HSA for 2019 in order to maximize my total allowable contribution to $3500. When I filed my taxes in 2020, my 5498-SA form box 2 showed my total contributions made in 2020 to be $5800, which included the $1250 that was the catch-up contribution for 2019 plus my normal $4550 contributions through my paycheck (for 2020). Now when filling out my 2021 tax return, it says I have $1250 excess contributions for 2020. How can I correct this? I’ve used TurboTax to file my returns for the past several years.
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