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I'm looking for a tax HSA lawyer

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TN

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We came to a disagreement with IRS

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We distributed money from HSA to reimburse prior years expenses and a mistake occurred, the double amount was deducted from the account. As soon as I saw the mistake I returned the money to HSA Account. However IRS wants to charge us taxes for both amounts.

Submitted: 6 months ago.Category: Tax
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Customer reply replied 6 months ago
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12/1/2017
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 6 months ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,216
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Hey! I'm Carter, I'm a CPA and I can help you out.

So, yes the amount is taxable. However, the IRS released IRS Notice 2004-50, Q&A’s-37 and 76. In these, the IRS allows you to identify the mistaken distribution and return the money. The money needs to be returned no later than April 15 following the first year he/she knew, or should have known, the distribution was a mistake. In addition, there needs to be clear and convincing evidence that the distribution was a mistake.

Hope that helps! If you need anything else, let me know. If not, feel free to leave a rating! Thanks!

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Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 6 months ago

Just wanted to circle back and check if you had any other questions. If your question has been answered, please leave a rating! Thanks.

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