Developed by Intuit, TurboTax is a popular tax preparation software widely used by all-size organizations to handle their taxes. The popular software helps its users in preparing and filing their taxes without much effort. Due to its user-friendly interface, the software establishes itself as the core tax processing suite among businesses, enterprises, and startups.
However, despite being technically advanced tax-preparing software, it is prone to errors. Though the Turbo Tax errors are easy to resolve, however, they hamper your work badly. One such error is the Turbo Tax HSA error.
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You are trying to process your HSA (Health Saving Account) form, and suddenly your software starts showing a TurboTax HSA error. Now What? It is the most frustrating scene faced by the users. Most of the users are looking for effective solutions to fix Turbo Tax HSA errors. If you, too, are looking for the same answer, then stick to this blog till the end. This blog points out the main causes of the error along with the simple steps to fix the Turbo Tax HSA error. So, let us get started.
What is TurboTax HSA Error?
HSA is a tax-efficient retirement account that is specially designed to take care of health care expenses. To avail of the medical benefits and lower taxes, HSA is very much important. The TurboTax HSA error usually occurs when there is some issue in the presentation of the HSA form and the user tries to process it. Also, if the user has entered the wrong details in the IRS form 8889, then there is a high possibility of getting the TurboTax HSA error.
What are the Main Cause of TurboTax HSA Error?
There are various reasons that cause the Turbo Tax HSA error. However, here in this blog, we have pinpointed some of the conditions that users usually confront.
- You have exceeded the HSA contribution limit.
- Don’t have HSA but, still receiving the Turbo Tax HSA error.
- There is an issue with the IRS Form.
The above-mentioned points are the main causes that trigger the Turbo Tax HSA error. In order to resolve the error, follow the below-mentioned procedure.
How to Fix TurboTax HSA Error With Professional Help?
Condition 1: When the Turbo tax shows there is an excess HSA contribution
The amount that the employer could contribute to the individual HSA plan is $ 3,500. Moreover, for the family plan, you can contribute $ 7000. In case your age is 55 or older than that, you can contribute up to $ 1000, and the maximum will be $ 4,500 for an individual plan and $ 8000 for a family plan.
If you have exceeded the above-mentioned amount, then you will face the charges. The conditions for charges are listed below:
Condition for Charges
- A fine will be charged.
- However, if the excess amount is withdrawn before filing the taxes, then no penalty will be charged.
- You will be charged for the other expenses and not for the medical expenses.
- This error is quite common as you have accidentally doubled the charges as stated earlier or in box 12 of your W2 form.
- There might be a possibility that you have entered the wrong details in the form.
Solutions for TurboTax HSA Error caused due to access amount.
To resolve the TurboTax HSA Error, you can follow the below-mentioned steps:
- Make sure that you have enrolled in the higher deductible tax plan.
- Ensure that you have not enrolled in any other health insurance policy or Medicare plan.
- Please look out that you are not claiming someone else’s medical tax return.
Condition 2: Don’t have HSA but still receiving the Turbo Tax HSA error
There might be the possibility that you are not having the HSA or the code W in box 12, but still, the software is showing that my spouse or I have an HSA account. If this is the case, then you need to follow the below-mentioned steps to resolve the TurboTax HSA Error.
To initiate the process, you need to take the backup or create a copy of your W2 (s) forms. Now you need to delete the W2. The below-cited steps will help you in deleting the w 2.
To delete the form, follow the below-mentioned steps:
- Open the application.
- Now, move to the tools.
- After that, click on the delete a form option.
- Pick the desired form that you need to delete. You may need to delete any of the forms 1099 – SA, 8889-S, or 8889-T.
- After deleting the form, fill in the correct information in the new form that you have downloaded and re-add it.
- Now, you can recontinue your return.
To delete the form, open the software and move to the view option. After that, you need to pick the form options. To move ahead, pick the form you need to delete and delete the form.
Condition 3: There is a mismatch in the amount
The confusing pattern of the IRS forms may lead to TurboTax HSA Error. You might confront an issue with the 8889 form (HSA) while the TurboTax is showing a different amount in form 1040 and in form 8889, line 9.
To resolve the error caused due to the confusing pattern of the IRS form, you need to follow the below-mentioned steps:
- In the IRS forms, the term “employer contribution” simply means the amount that you and your employer have contributed to the HSA. So, while contributing the amount in HSA, please take care of the amount.
- The direct contributions to the HSA will come under personal contributions. However, the deductions from the payroll will not be considered personal contributions as per the IRS guidelines. You can check your personal contributions in line 25 on schedule
We hope that the above-mentioned solutions help you in resolving your Turbo tax HSA Error.
Get An Advice From An Expert
We understand that the Turbo Tax HSA error might frustrate you and create hurdles in your work. If the problem is not resolved timely, it will result in imposing fines and penalties. Therefore, the timely resolution of the Turbo Tax HSA error is a must. If you are unable to resolve the Turbo Tax error even after following the above-mentioned steps, then it is high time to get in touch with a TurboTax Customer support expert. Our experts will help you in the timely resolution of the error. They will provide you the feasible solutions at a pocket-friendly price. You can contact the experts via phone, email, or chat and get the solution at any time as they are available for you 24
Inevitably, Turbo Tax is the most powerful tax preparation software, having advanced features and tools. However, there are certain instances when you need the help of an expert to get the Turbo tax issue fix. The TurboTax HSA Error is a critical error that needs to be resolved on time. We hope that after reading this blog, you will be able to troubleshoot TurboTax HSA Error.
Please read our other blogs on Turbo Tax also.