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I have full insurance through work and medicare. also have a…

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I have full insurance...

I have full insurance through work and medicare. also have a HSA account. turbo tax is telling me i have to much in my MSA. wants me to withdraw $1650.00. Which is the amount my employer put in the account. I am being taxed 6% extra. What is the problem

Submitted: 25 days ago.Category: Tax
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3/28/2018
Tax Professional: Barbara, Enrolled Agent replied 25 days ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,789
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.

To be eligible to contribute to an HSA, an individual must be enrolled in a qualified HDHP and may not have any other “disqualifying coverage.”

Medicare is a "disqualifying coverage."

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,789
5,789 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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