Spirit Rider wrote: ↑
Thu Jan 10, 2019 9:30 pm
walletless wrote: ↑
Thu Jan 10, 2019 6:45 pm
Super, thanks everyone. I will be making the contributions then.
This is my first time making a HSA contribution since I always had a non-qualifying health plan before. Are there forms that the HSA provider usually sends to claim the tax deduction at filing time, or do I have to manually report it into turbotax (or whatever filing tool I use)?
Contributions made by payroll deduction will be reported on your W-2 Box 12 Code W. When you enter or automatically download your W-2 information that will be captured for Form 8889 Line 9.
You will get Form 5498-SA from your HSA custodian and you will enter it and answer Tax Software questions on the direct contributions and eligibility, including under the last month rule. This will result in the completion of the rest of Form 8889 Part I, contributions.
You will get Form 1099-SA from your HSA custodian and you will enter it and answer Tax Software questions on distributions and this will complete Form 8889 Part II, Distributions.
You should not need to make Form 8889 manual entries, but you should familiarize yourself with the entries after complete. Plagiarizing a motto, when it comes to tax software, trust but verify.
Thanks. This makes sense in most normal year when the contributions from my employer and me will be reported on W-2. However, for 2018 I do not expect that to be true since my employers seed contribution for 2018 will be made by end of January 2019, and my own contributions to the HSA (using the last month rule called out above) will be made before tax filing in 2019. Given this, I do not believe the 2018 W-2 will have anything in it, and I do not expect the custodian to send me any 2018 forms either.. in that case, how do I report the data into turbotax?
Based on your response above, I believe I have to manually enter it such that:
1) Seed contributions from my employer in Jan 2019 (for TY 2018) will end up on Form 8889 Line 9
2) Contributions made by me before April 15 2019 (for TY 2018) will end up on Form 8889 Part I
3) I will have no distributions in TY 2018, so I will manually enter $0 for Form 8889 Part II
This is what TurboTax created when I went through the Interview format. Does that look correct?
(Assume $2,700 was employer seed contribution, $4,200 was my own contribution)