Brett_Cameron
Thinks s/he gets paid by the post
I have an HSA for family coverage. I contributed to my HSA while employed via the employer deducting the HSA contribution from my pay and depositing it directly in my HSA. After I retired, I continued HSA contributions by direct transfer from my checking account to the HSA. When I retired, the HSA trustee closed my working era account and opened another account with the balance transferred from the old one to the new one.
Because I am over 55, I contributed $7,150 to the HSA for 2011. I was expecting to be able to deduct $7150 from my gross income on form 1040 as an adjustment to income.
Much to my surprise, only the amounts the employer deposited in the HSA are allowed to be deducted as an adjustment to income per form 8889.
I am using Turbo Tax which showed this result. Studying the form 8889 and instructions, I have confirmed this, I think.
Has anyone else run into this situation? For me it is a Shazaam moment.
Because I am over 55, I contributed $7,150 to the HSA for 2011. I was expecting to be able to deduct $7150 from my gross income on form 1040 as an adjustment to income.
Much to my surprise, only the amounts the employer deposited in the HSA are allowed to be deducted as an adjustment to income per form 8889.
I am using Turbo Tax which showed this result. Studying the form 8889 and instructions, I have confirmed this, I think.
Has anyone else run into this situation? For me it is a Shazaam moment.