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Old 01-24-2019, 11:45 AM
 
Location: Censorshipville...
2,675 posts, read 6,238,435 times
Reputation: 1543

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Quote:
Originally Posted by Thinking-man View Post
Yes, indeed.
i joined in March. and the company contributed 900 instead of the 1200 they do for the whole year.
I fail to see how that matters. can you please explain?

I'm even more confused by your second paragraph. You can transfer the HDHP account into another financial institution? didn't know. Why would one do that? why not let it sit investing where it's at currently?

I'm not sure what i should do. should i withdraw the 2550 as turbo tax suggests? what will that look like? a check to me from the plan for 2550? or.....? (i'd rather it sit there in my plan growing tax free)
I would think because you joined the HDHP/HSA part of the year, you would be limited on how much you could contribute to your HSA (Employer and Employee Contribution combined).

The HSA is just a vehicle to hold your money. I transferred it from Aetna To LMCU because after I left the Aetna HDHP they wanted to charge me a fee to hold my HSA money with them. The fee was because I no longer had an HDHP with them. I thought that was stupid to pay a fee to hold my HSA so I searched around and found LMCU paid a better interest rate to hold my HSA and charged no such fee.
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Old 01-24-2019, 02:36 PM
 
3,669 posts, read 4,914,645 times
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Quote:
Originally Posted by korrosive View Post
The maximum for a single at your age is 3450. It sounds like you have family coverage which would be 6900. Even prorating for 8 months, that would be 4600. If Box 12 option W is not more than 4600, then you did not overpay. Go back in to TT and make sure you selected family coverage on your HDHP.

Basically, it does not seem like you over-payed. It would also be unusual for a company to allow someone to overpay. You have probably answered some questions incorrectly when filling out your healthcare section of TT.
Ok, so i'm in TT right now...it is showing the 'max contribution as 6900', but still indicating that i've exceeded the contribution by 2550. i don't see a place where i "selected family coverage on my HDHP". where exactly does it ask that in TT?

Also, under the 'Tell us about the health-related accounts you had in 2018', i just selected HSA for myself (not my wife. cause the account is in my name). Also, didn't select the MSA, and the Medicare advantage MSA which i don't have...
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Old 01-24-2019, 03:01 PM
 
82 posts, read 39,610 times
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Quote:
Originally Posted by Thinking-man View Post
Ok, so i'm in TT right now...it is showing the 'max contribution as 6900', but still indicating that i've exceeded the contribution by 2550. i don't see a place where i "selected family coverage on my HDHP". where exactly does it ask that in TT?

Also, under the 'Tell us about the health-related accounts you had in 2018', i just selected HSA for myself (not my wife. cause the account is in my name). Also, didn't select the MSA, and the Medicare advantage MSA which i don't have...
In the Deductions and Credits --> HSA, MSA contributions --> Let's enter [Thinking-man's] contributions page
= 2018 employer and payroll contributions - This would be all contributions made through your employer and your payroll deductions
= Any contributions you personally made - This would be all contributions you made directly outside your employer. This should be zero

In the Deductions and Credits --> HSA, MSA contributiuons --> Was [Thinking-man's] covered by a HDHP in 2018?
= Yes I was covered by a HDHP during at least one month in 2018
= I had different plan types at different times of the year. Once you select this, next page will give you an option to select the months that you had HDHP family coverage.

Beyond this if you're still having issues, you probably need to use the TT help options.
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Old 01-24-2019, 03:32 PM
 
3,669 posts, read 4,914,645 times
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Quote:
Originally Posted by korrosive View Post
In the Deductions and Credits --> HSA, MSA contributions --> Let's enter [Thinking-man's] contributions page
= 2018 employer and payroll contributions - This would be all contributions made through your employer and your payroll deductions
= Any contributions you personally made - This would be all contributions you made directly outside your employer. This should be zero

In the Deductions and Credits --> HSA, MSA contributiuons --> Was [Thinking-man's] covered by a HDHP in 2018?
= Yes I was covered by a HDHP during at least one month in 2018
= I had different plan types at different times of the year. Once you select this, next page will give you an option to select the months that you had HDHP family coverage.

Beyond this if you're still having issues, you probably need to use the TT help options.
Thank you so much for that awesome help. you're my hero :-)
The issue was the above in bold. i had put the 4275 figure in there as opposed to 0. my mistake.

one issue officially resolved, thanks to you!
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Old 01-25-2019, 09:23 AM
 
Location: Denver, CO
1,663 posts, read 4,043,389 times
Reputation: 1215
Quote:
Originally Posted by Thinking-man View Post
Thank you so much for that awesome help. you're my hero :-)
The issue was the above in bold. i had put the 4275 figure in there as opposed to 0. my mistake.

one issue officially resolved, thanks to you!

That's a very common mistake to make, and once you do it once you won't do it any more. Keep HSA invested, I just keep a spreadsheet of all healthcare related expenses so that many years down the line when you need the money you can withdraw tax free.
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Old 01-25-2019, 09:51 AM
 
Location: Censorshipville...
2,675 posts, read 6,238,435 times
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Quote:
Originally Posted by Moonwalkr View Post
That's a very common mistake to make, and once you do it once you won't do it any more. Keep HSA invested, I just keep a spreadsheet of all healthcare related expenses so that many years down the line when you need the money you can withdraw tax free.
I do the same but I've scanned the receipts in case it's ever questioned.

Since I'm not in a hdhp and can't add to hsa, I instead use an FSA and let the HSA money I have grow.
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Old 01-25-2019, 10:30 AM
 
3,669 posts, read 4,914,645 times
Reputation: 2422
Quote:
Originally Posted by Moonwalkr View Post
That's a very common mistake to make, and once you do it once you won't do it any more. Keep HSA invested, I just keep a spreadsheet of all healthcare related expenses so that many years down the line when you need the money you can withdraw tax free.
ohhh...i hadn't thought of that!
let me make sure i understand you correctly....

So, my plan was to keep contributing the max each year.....not touch it (ie. pay all deductibles out of pocket with after tax money), invest and let the account grow tax free. Then, in retirement, we'd hopefully have a big chunk of tax free money for healthcare related stuff.

What you're saying is that the deductibles i spend money on now (with after tax money) can be reimbursed later on tax free? as long as i keep record of them...?
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Old 03-10-2019, 07:17 AM
 
116 posts, read 49,134 times
Reputation: 118
OP (Thinking man).--HSA is tricky as I understand, and I don't understand it at all, that's why I didn't pick it. But, my son thought he understood it and then he received letter from IRS that was among other issues related to HSA, as well (2017). He didn't use any money from it, and it is meant to use for your health expenses, and all health expenses for all your family members, even medications, vision dental and such. This plan is usually picked by single employee, not by family person. The Gov has its all lines in the tax forms to not let you go with free money. What these people, that know about HSA are explaining is a great start to learn right questions and answers so that you don't end up receiving IRS issue letter and then you need to go back and correct and by default IRS put such tax payee on their blacklist. If you prefer to invest and you have extra money, that better be included as extra % in your retirement plan. I don't think we can go back (in the future years) and add up our previous medical expenses to receive credits for that (it would be too good to be true).
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Old 03-10-2019, 03:27 PM
 
4,688 posts, read 1,163,549 times
Reputation: 3646
Quote:
Originally Posted by Thinking-man View Post
Thank you so much for that awesome help. you're my hero :-)
The issue was the above in bold. i had put the 4275 figure in there as opposed to 0. my mistake.

one issue officially resolved, thanks to you!
I did the same thing one year. I hate the HSA/HDHP part of TT. It's confusing and it is saying I didn't have health coverage the entire year, which I did.
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