Is TurboTax Calculating Your HSA Contribution Properly?

UPDATED January 3, 2013 for 2012 tax year

Click for TurboTax HSA information

During tax season, our HSA clients are normally happy with their tax savings.  Unfortunately many TurboTax users are not seeing the savings they have in the past. There is another form (f8889) that TurboTax requires you to complete before your contribution and tax savings will be calculated properly.

If you were covered by an HSA-qualified HDHP effective prior to December 1st, 2012, you could be eligible to contribute up to $3100 per individual or up to $6250 for any family unit for tax year 2012.  If you were 55 or older in 2012 then you are also eligible for the $1000 catch-up contribution. If you haven’t set up your HSA account yet, it’s not too late. We recommend HSA Bank because of their expertise and no setup fee.

In order to get this deduction you have to have your 2012 contributions in prior to April 15, 2013.  These contributions are tax-deductible, similar to an IRA.  If your taxes are calculated properly this can amount to a tremendous savings.

Here are a few HSA-related help topics from the TurboTax website.

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