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I've been redirected in the program and now cannot figure out where to record the 12/31/21 balance of the client's HSA. Please help, thank you.
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1) You did not say which program you are using, so there is no way anybody can tell you how to input it.
2) If there isn't a penalty, there isn't a need to enter it.
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Thank you for your reply. Every return I have input has required a balance as of the end of the year and it usually requires an adjustment on the tax liability...am I reading that incorrectly?
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Sorry, forgot to mention I use ProSeries...
Thank you so much for your time and advice!!!
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That entry is on Form 5329, just under line 48.
However, as I said before, that only needs to be there if there is a penalty for excess contributions. If you have been required to enter that many other returns, I'm a bit concerned that you may be entering something incorrectly. For example, if the W-2 has code "W" on Box 12 for HSA contributions, you DON'T enter the contribution AGAIN elsewhere. You just check the boxes showing they had a High Deductible Health Plan, and then the requirement for the year-end value disappears.
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Thank you so much...you have been very helpful!!!
