I hope someone can help me.
I'm filing my 2007 taxes. (I'm filing late but I'm getting a small return.) And I have a question on my HSA.
In October 2007, I put $1,500 into an HSA. I later decided I did not want to invest the money in an HSA so I withdrew all the money plus $7 in interest. But I did this before the April 15 deadline for filing.
The bank where I opened the HSA sent me a 5498-SA FORM for the money I withdrew ($1507.00).
1) Will I be penalized for withdrawing the money early if I took it out in the same tax year. (I would have had to take money out anyway because I put in too much, according to when I started getting health premiums.)
2) Turbotax has no Form 5498-SA -- so how do I enter this into my tax forms?
Thank in advance for your help!
P.S. Please, if you respond, keep the advice on topic.