Author Topic: QUESTION: HSA account. Doing my taxes......  (Read 1755 times)

golfreak12

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QUESTION: HSA account. Doing my taxes......
« on: February 11, 2016, 12:56:47 PM »
I apologize if this has been answered already.
Regarding HSA accounts, I thought these are exempted from your income.
In my W2, the HSA amount $5739 is not included in my income. However when I'm doing my taxes(on TaxAct), if I put in W2 box 12b W $5739, TaxAct will increase my income by $5739 hence less money back. The $5739 is listed in other income
So I deleted the box 12b and when I got to the HSA part of TaxAct, I entered all the usual information and the amount of $5739, it once again include that amount in my income.
Any explanation as why TaxAct keep adding the HSA amount of $5739 to my income ???

MDM

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Re: QUESTION: HSA account. Doing my taxes......
« Reply #1 on: February 11, 2016, 06:19:29 PM »
Regarding HSA accounts, I thought these are exempted from your income.
In general, yes.

Quote
In my W2, the HSA amount $5739 is not included in my income. However when I'm doing my taxes(on TaxAct), if I put in W2 box 12b W $5739, TaxAct will increase my income by $5739 hence less money back. The $5739 is listed in other income
Had you already entered this amount on form 8889?

Quote
So I deleted the box 12b and when I got to the HSA part of TaxAct, I entered all the usual information and the amount of $5739, it once again include that amount in my income.
Any explanation as why TaxAct keep adding the HSA amount of $5739 to my income ???
On ours, it deducts the HSA contribution.  Looking at form 1040, TaxAct takes line 22, then subtracts the HSA amount on line 25 (and any other entries on lines 23-35) to get the AGI on line 37.  Where do you see the $5739 on form 1040?

terran

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Re: QUESTION: HSA account. Doing my taxes......
« Reply #2 on: February 11, 2016, 07:30:41 PM »
Does your 12b have a code? My wife's has code W for HSA contributions.

 

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