Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

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 I think I need to go back somehow and show all $50 withdrawn (I closed the account).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?

Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 5 months 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: 6,696
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You are correct that you will have to report that the entire $50 was withdrawn to close the account in 2016.

Go back into your 2016 return and amend it to show the full amount of $50 was withdrawn.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

Ask Your Own Tax Question
Customer reply replied 5 months 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: 6,696
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
Ask your own question now

Thank you for the positive rating of my answer. It is very much appreciated.

Enjoy the rest of your weekend.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,696
6,696 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I want to know what to do if, still working with employer
I want to know what to do if, still working with employer helth insurance with HSA and did not stop HSA controbution during the 6 month retroactive period. … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,617 satisfied customers
I made a HSA contribution for tax year 2017 on 12/ 30 /16.
I made a HSA contribution for tax year 2017 on 12/ 30 /16. Tax year 2017 was clearly stated on the account opening document. The account was opened on 12/29/16 with a 100 deposit. The following day I … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How much can I have in an HSA.. Turbo Tax is telling me that
How much can I have in an HSA. . Turbo Tax is telling me that I have to take out 3400 or be taxed an additional 6% on a 6400 balance … read more
Barbara
Barbara
Enrolled Agent
6,696 satisfied customers
I noticed something when I completed my tax return for 2017
I noticed something when I completed my tax return for 2017 that it was different from 2016 as for HSA account and In 2016 I added my HSA account as for other income and in 2017 I didn't add as other … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My wife had an HDHP and HSA for more than 2 years, with
Hi, my wife had an HDHP and HSA for more than 2 years, with employer contribution. This was overlooked and we didn't know this because the pay deductions are small. She is not qualified for HSA becaus… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I have 2 issues but they are all tied to gether so here
I have 2 issues but they are all tied to gether so here goes. I was on state medical assistance from January-Nov of 2016. I had submitted my paperwork for change of income in March 2016 d/t going from… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Tax Questions: I installed new solar panels and a new water
Tax Questions: I installed new solar panels and a new water heater for my house, replaced a portion of the fence with a new one, and put new paint on the decks. Are these count as improvement of the h… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
If I contribute 5000 towards HSA and employer contributes
If I contribute 5000 towards HSA and employer contributes another 5000 towards the same snd I use only 3000 do I have to pay tax on the balance 7000?what is the maximum allowable contributions per yea… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I opened an HSA account at the beginning of this year
Hello. I opened an HSA account at the beginning of this year (2016), to which I contributed through my small business. I made monthly contributions, which were reflected in my payments. Recently I hav… read more
Barbara
Barbara
Enrolled Agent
6,696 satisfied customers
My husband receives an annuity from the FAA that is non
Hi. My husband receives an annuity from the FAA that is non taxable on a 1099-R. We just got married this year and we are figuring out what to do from a HSA standpoint for 2017.My question - would it … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My husbands company contributed about 500 dollars to an Hsa
My husbands company contributed about 500 dollars to an Hsa for him 4 years ago but he was ineligible because he had additional health insurance. He did not withdraw it and he still has the HSA. I jus… read more
Barbara
Barbara
Enrolled Agent
6,696 satisfied customers
My daughter received a full ride scholarship and started her
My daughter received a full ride scholarship and started her university education September 2015. I received a 2015 1098-T showing 40,508.00 in box 2 (amount billed) and 27,178.00 in box 5 (scholarshi… read more
TaxWhisperer
TaxWhisperer
Principal
Master's Degree
24 satisfied customers
If you contributed to HSA year's $ limit in January, but
If you contributed to HSA for the year's $amt limit in January, but later in the year you no longer have a HSA eligible health insurance (change job, or change insurance), do you have to take out the … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can I still reimburse my medical expenses of 2014 from my
Can I still reimburse my medical expenses of 2014 from my HSA account? Will any of the expenses "expire" (no longer reimbursable) any time? Say if I want to reimburse some expenses of 2009 (already st… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
my employer put in 1500 in my HSA. I put in nothing. on the
my employer put in 1500 in my HSA. I put in nothing. on the 1099-SA it says gross distribution is 805 (I assume that is how much was left in the account after I pd for medical expenses?) Anyway, when … read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
If I purchase health insurance I only qualify for HDHP medical
If I purchase health insurance I only qualify for HDHP medical insurance, so in the meantime I am using COBRA benefits. Are the COBRA premium payments by any chance eligible for me to pay through a co… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
I have been unemployed this year, so carried an individual
I have been unemployed this year, so carried an individual family high deductible health plan with an HSA since Jan 1 2010. I have contributed (and spent) the maximun amount allowed by the IRS for an … read more
Jacy
Jacy
Bachelor's Degree
567 satisfied customers
My wife has HDHP and HSA. 2008 form 5498_SA shows tot cont
My wife has HDHP and HSA. 2008 form 5498_SA shows tot cont of $3030 and fair mrkt val of $495.37. The 1099-SA shows gross distrib. of $2971.22. We realize she exceeded allowable contribution by $130. … read more
Lou
Lou
High School or GED
272 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x