How to Find Out Excess Contribution to an HSA from TurboTax After I've Already Filed

If you have contributed more than the allowable limit to your HSA and have already filed your taxes using TurboTax, there are ways to correct this mistake. One common scenario is when individuals accidentally contribute above the annual limit set by the IRS, resulting in excess contributions.

To find out if you have made excess contributions to your HSA after filing with TurboTax, follow these steps:

1. Check your HSA contributions: Review your HSA contributions for the tax year in question. Ensure that the total amount does not exceed the annual contribution limit set by the IRS.
2. Access your TurboTax account: Log in to your TurboTax account and navigate to your filed tax return for the year in question.
3. Look for Form 5498-SA: This form reports your HSA contributions for the tax year. Check to see if the total contributions listed match what you have contributed.
4. Calculate excess contributions: If you discover that you have contributed more than the IRS limit, you will need to calculate the excess amount.
5. File an excess contribution withdrawal: Contact your HSA administrator to request a withdrawal of the excess contribution amount. You may need to fill out a form or provide specific instructions for the withdrawal.
6. File an amended tax return: Once the excess contribution is withdrawn, you will need to amend your tax return using Form 8889 to reflect the corrected HSA contributions.

It is essential to correct excess contributions to avoid potential penalties from the IRS. Be proactive in addressing any errors to ensure compliance with HSA regulations.

If you accidentally exceed the IRS's annual limit on HSA contributions and have already filed your taxes using TurboTax, don’t worry! You can still correct this oversight. One common scenario involves individuals who, in good faith, contribute over the limit due to misunderstandings about contribution rules.