- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Folks:
When taxpayers make excess HSA contributions, they can roll them forward to the next tax year. But how is that done in Lacerte?
Micah
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Are you looking for where to a) enter excess from 2022 or b) how to rollover 2023 to 2024 ?
a) Enter on Carryover Worksheet - Excess Contributions
b) doesn't F8889 automatically calculate the excess and carryover if you don't enter a withdrawal of excess amount
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
😧
Client overpaid HSA in 2023 (he changed jobs and both employers made contributions).
I don't believe that 8889 calculates the excess or the carryover.
M.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Why not remove it before the tax filing? Then there is no penalty; only taxable income.
And does the employer know not to overpay this year, if they leave it ride, or will that become a cycle of overpayments? Sometimes it's easiest to clean up a mess.
"Level Up" is a gaming function, not a real life function.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes, I agree that that is the better choice. But it is not my choice to make, it is the client's, which puts me in the position of asking the question I have asked!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
There is a section on the Carryover worksheet for HSA excess contributions and it is a program calculated amount which is coming from the F8889 .... I tested it.
Have you looked at the clients Carryover Worksheet to see if there is an amount ?