Get the free Health Savings Account – Excess Contribution Request

This document is used to request reimbursement for excess contributions made to a Health Savings Account (HSA) that exceed the annual contribution limits set by law.

How to fill out health savings account excess

How to fill out Health Savings Account – Excess Contribution Request

1. Obtain the Health Savings Account – Excess Contribution Request form from your HSA custodian or the IRS website.
2. Fill in your personal information at the top of the form, including your name, address, and Social Security number.
3. Provide details of your HSA account number.
4. Indicate the tax year for which you are requesting the excess contribution correction.
5. Calculate the amount of excess contributions you have made to your HSA during that tax year.
6. Include documentation to support your excess contribution amount, such as IRS Form 8889 or other relevant forms.
7. Sign and date the form to certify that the information provided is accurate.
8. Submit the completed form to your HSA custodian or the IRS, based on their specific submission guidelines.

Who needs Health Savings Account – Excess Contribution Request?

1. Individuals who have contributed more to their Health Savings Account than the IRS limits allow for a given tax year.
2. Those who wish to rectify excess contributions to avoid additional taxes and penalties.
3. Taxpayers who want to ensure compliance with IRS regulations regarding Health Savings Accounts.

People Also Ask about

How to correct excess HSA contribution?

If you realize you have made an excess contribution before the tax year ends (usually April 15), take it out immediately. You can take out the excess contribution by making a request with your HSA provider, which may involve filling out a form or two.

Why is it saying I have an excess contribution to my HSA?

You will have excess contributions if the contributions to your HSA for the year are greater than the limits discussed earlier. Excess contributions aren't deductible. Excess contributions made by your employer are included in your gross income.

Why is TurboTax saying I have an excess HSA contribution?

Generally, if you made contributions (this includes what your employer contributed) that appear to be clearly under the limit, and the entire amount of the contributions is considered by TurboTax to be in excess, then the cause is that the taxpayer has not gone through the HSA interview in TurboTax, which allows

How to correct mistaken HSA contributions?

Distributions with earnings must be made to correct the excess amount by April 15th, or October 15th if an extension for filing was applied for, or a 6% excise tax will then be owed. This fee will be assessed every year that the excess amounts are in the HSA.

What do I do if I put too much money in my HSA?

Complete an HSA Distribution Request Form and return it to WEX by December 31st. The excess amount will be removed from your account and refunded to you. You will need to claim the excess contributions on your Federal Income Tax return and pay income taxes on those contributions.

How to resolve excess HSA contributions?

Reimburse the HSA. If you've mistakenly used HSA funds for nonqualified expenses, you must repay the distribution amount back into your HSA by the tax filing deadline for the year in which the distribution occurred. By reimbursing your HSA, you can avoid the income tax and the 20% penalty on nonqualified distributions.

For pdfFiller’s FAQs

What is Health Savings Account – Excess Contribution Request?

A Health Savings Account – Excess Contribution Request is a form used to request the withdrawal of excess contributions made to a Health Savings Account (HSA) to avoid tax penalties.

Who is required to file Health Savings Account – Excess Contribution Request?

Individuals who have contributed more to their Health Savings Account than allowed by IRS regulations are required to file this request to remove the excess contributions.

How to fill out Health Savings Account – Excess Contribution Request?

To fill out the Health Savings Account – Excess Contribution Request, provide your personal information, specify the excess contribution amount, and include any supporting documentation required by the HSA custodian.

What is the purpose of Health Savings Account – Excess Contribution Request?

The purpose of the request is to formally notify the HSA custodian of the excess contributions and to initiate the process of withdrawing those funds to avoid tax consequences.

What information must be reported on Health Savings Account – Excess Contribution Request?

The form must report your name, HSA account number, the excess contribution amount, the tax year in question, and any relevant details that justify the excess contribution removal.