- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a client that is clearly over 55 (she's 60) and is entitled to the extra $1,000 HSA contribution bringing the total to $4,550. (See IRS publication page 6) For some reason Pro Series is assessing a penalty on form 5329 and should not. Why is that and how do I correct it..
Thanks In advance for your help.
Best Answer Click here
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes, and when I check "Self-only" it populates with $3,550.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
were all the contributions made through payroll? If so, all you need to mark is that Self Box in the Smart Worksheet on the 8889, dont enter anything else on it.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
line 3 does but the 12 months above in the worksheet populates with 3550
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
yes
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
So it was contributions through payroll, right?
This is what the 8889 should look like. If youre getting a penalty, youve got some other entry mucking stuff up somewhere.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Try deleting and re-entering her date of birth. And make sure it's before 1965.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
yes, that's what it looks like.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
And youve got a W2 with a Code W on Box 12 on it with an amount that's 4550 or less on it?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
did that here birth date is 10/04/60
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Then maybe delete the 8889, and the 5329 while you're at it, and try opening them again? Maybe delete the W-2 entry for HSA contributions also.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I got support on the line and had to go back delete the "W" from w-2 and remove 8879 and then reenter the the "w" on the w-2 and it fixed it.
Thanks!!