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HSA Contribution Issue

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  •  rxrebel 
    Participant
    Status: Pharmacist
    Posts: 1
    Joined: 02/07/2019

    I have a potential problem I just realized.

     

    When I first signed up and started my HSA account I did it with HSA bank in 2015. I didn’t fund it for the first time until February of 2016 for what was supposed to be for the 2015 tax year. I was unfamiliar with the website and what I was doing in general so when I contributed in Feb of 2016 I meant to fund for the tax year 2015. Later in 2016 I also contributed for that year. Basically what I have is double the allowed contribution for 2016 and $0 for the year of 2015.

    I know this a form to fill out if you overfund your account but this was more of a clerical error. Hoping for some direction, but realize I may need to speak with a tax specialist or accountant

    #188972 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 6697
    Joined: 01/09/2016

    Good news – you’re ok. Just contact HSA Bank and let them know that the 2/16 contribution was for the 2015 tax year and you clicked on the wrong box. You had until 4/17/18 to contribute for 2015 so you contributed on a timely basis. I had this problem once except I chose the right box and Optum recorded the wrong year. I tried to get it straightened out and they told me it was but I never got a corrected form. Strangely, I never heard from the IRS, either, so maybe they only corrected on that end.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #188979 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 2510
    Joined: 01/14/2017

    Did you mean 4/18/16?

    #189104 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 2510
    Joined: 01/14/2017

    What did your Form 8889 look like for 2015 and 2016?

    #189106 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 6697
    Joined: 01/09/2016

    Did you mean 4/18/16?

    Click to expand…

    Will definitely take your word for it. I didn’t look it up, just knew it was at least 4/17.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #189148 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 2510
    Joined: 01/14/2017

    Was more referring to the year.

    #189184 Reply

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