Get the free #3123 HSA Excess Worksheet - Two River Community Bank

HSA EXCESS WORKSHEET HSA OWNER S NAME AND ADDRESS HSA TRUSTEE S OR CUSTODIAN S NAME AND ADDRESS River Community Bank 1250 Highway 35 Middletown, NJ 07748 Social Security Number Date of Birth Home

How to fill out 3123 hsa excess worksheet

How to fill out 3123 HSA excess worksheet:

1. Begin by gathering all relevant information, such as your HSA contributions for the year and any distributions made from your HSA.
2. Enter the total distributions made from your HSA in the designated section of the worksheet. This includes any qualified medical expenses paid from your HSA.
3. Calculate your total contributions for the year and enter this amount in the appropriate section of the worksheet.
4. Subtract the total distributions from the total contributions to determine if you have any excess contributions. If the result is a negative number, you do not have any excess contributions.
5. If you have excess contributions, you will need to determine the excess amount. This is calculated by subtracting the annual contribution limit for the year from the total contributions made.
6. Fill in the excess amount in the appropriate section of the worksheet.
7. Determine if you are eligible for any type of exemption to the excess contribution tax. If you are, provide the required information in the corresponding section of the worksheet.
8. Calculate the excess contribution tax owed, if applicable. This is typically 6% of the excess amount.
9. Complete any additional sections or calculations required by the specific instructions provided with the worksheet.

Who needs 3123 HSA excess worksheet:

1. Individuals who have made contributions to their Health Savings Account (HSA) beyond the allowable limits may need to fill out the 3123 HSA excess worksheet.
2. Employers or plan administrators may require employees who have made excess contributions to complete this worksheet to ensure compliance with HSA regulations.
3. It is important for individuals to accurately determine and report any excess contributions to avoid potential tax penalties from the IRS. The 3123 HSA excess worksheet provides a structured format to calculate and report this information.

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What is 3123 hsa excess worksheet?

The 3123 HSA Excess Worksheet is an IRS form used to report and calculate the excess contributions made to a Health Savings Account (HSA) for a specific tax year.

Who is required to file 3123 hsa excess worksheet?

Individuals who have made excess contributions to their Health Savings Account (HSA) during the tax year are required to file the 3123 HSA Excess Worksheet.

How to fill out 3123 hsa excess worksheet?

To fill out the 3123 HSA Excess Worksheet, individuals need to provide their personal information, including name, address, and Social Security number. They must also report the excess contributions made to their HSA and calculate the earnings on those excess contributions.

What is the purpose of 3123 hsa excess worksheet?

The purpose of the 3123 HSA Excess Worksheet is to help individuals determine and report any excess contributions made to their Health Savings Account (HSA) and calculate any applicable earnings or penalties on those excess contributions.

What information must be reported on 3123 hsa excess worksheet?

On the 3123 HSA Excess Worksheet, individuals must report their personal information, excess contributions made to their Health Savings Account (HSA), and calculate any earnings or penalties associated with those excess contributions.