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In 2016 my wife started a new job and had $50 contributed to…

In 2016 my wife...

In 2016 my wife started a new job and had $50 contributed to HSA and then returned to old job without the HDHP starting. I closed the HSA in 2016 but only received $26 dollars. $24 had been charged in fees. In 2016 tax I paid $1 excise tax on the $24. I didn't know I was going to be paying for the $24 forever. I think I need to go back somehow and show all $50 withdrawn (I closed the account).

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Uhm...Turbo Tax live help wasn't much help?

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Customer reply replied 1 month ago
I did not receive a 2017 1099-SA from the HSA bank for the withdrawal. All I have is the check stub from March 1, 2017 showing the account closed per request and an amount of $26.00.
Answered in 8 hours by:
3/18/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,802
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You are correct that you will have to report that the entire $50 was withdrawn to close the account in 2016.

Go back into your 2016 return and amend it to show the full amount of $50 was withdrawn.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
Thank you. The $24 in fees are considered a tax deductible expense ?

Unfortunately, if the fees were paid directly from the HSA (which they were), they are not deductible.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,802
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Thank you for the positive rating of my answer. It is very much appreciated.

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