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Tax question - HSA?
Posted on 4/9/16 at 6:56 pm
Posted on 4/9/16 at 6:56 pm
If I contribute to my HSA for 2015 year now, that amount is post-tax.
Will that amount lower my taxable income or lower my amount that I owe?
Ex . Owe $4600 for 2015 tax
Will contribute $3000 to HSA post-tax (limit is 6650, already have 3600 done pre-tax)
Will that amount lower my taxable income or lower my amount that I owe?
Ex . Owe $4600 for 2015 tax
Will contribute $3000 to HSA post-tax (limit is 6650, already have 3600 done pre-tax)
2
Posted on 4/9/16 at 7:10 pm to buford4LSU
You get a tax deduction for HSA contributions. If you contributed through your company, that amount is already reflected on your W-2 box 1 income. If you contribute additional amounts, you can take a deduction on Page 1 for those additional amounts, up to the total max (total max is both paycheck deductions and this new money).
Posted on 4/9/16 at 7:24 pm to LSUFanHouston
Right understand that, but I contribute right now. That money is post-tax. Does that lower my taxable income for 2015 or does it subtract from taxes owed (4600 - 3000 = 1600 tax now owed)
Posted on 4/9/16 at 7:37 pm to buford4LSU
quote:
Will that amount lower my taxable income or lower my amount that I owe?
Um, that's essentially the same thing baw. It's a deduction...
If you overpaid taxes you'll get a refund if that's what your asking?
Posted on 4/9/16 at 8:02 pm to buford4LSU
No.
If you contribute right now, and you tell your HSA company to tag it as a 2015 contribution, then you can reduce your taxable income on Page 1 by an additional $3,000.
It will reduce your taxable income by $3,000, it will not reduce your tax owed by $3,000.
You are getting hung up on post tax and pre tax. Those are terms used to describe paycheck contributions. This is not a paycheck contribution, this is a deduction you are taking on your tax return.
You will fill out Form 8889. In Line 2 put both contributions from your paycheck and this new money (3,000). Line 9 will be paycheck contributions. Line 13 will be $3,000. Then on Form 1040, Line 25, you will put $3,000.
If you contribute right now, and you tell your HSA company to tag it as a 2015 contribution, then you can reduce your taxable income on Page 1 by an additional $3,000.
It will reduce your taxable income by $3,000, it will not reduce your tax owed by $3,000.
You are getting hung up on post tax and pre tax. Those are terms used to describe paycheck contributions. This is not a paycheck contribution, this is a deduction you are taking on your tax return.
You will fill out Form 8889. In Line 2 put both contributions from your paycheck and this new money (3,000). Line 9 will be paycheck contributions. Line 13 will be $3,000. Then on Form 1040, Line 25, you will put $3,000.
Posted on 4/9/16 at 9:59 pm to LSUFanHouston
This thread made me realize I didn't claim my HSA deduction for 2015 correctly but I already filed 
It wasn't much for 2015 so I am not going to refile. It would have slightly been in my favor.
I am maxxing it in 2016 so this is great reminder in the future.
It wasn't much for 2015 so I am not going to refile. It would have slightly been in my favor. I am maxxing it in 2016 so this is great reminder in the future.
This post was edited on 4/9/16 at 10:07 pm
Posted on 4/9/16 at 10:12 pm to lynxcat
Thanks for the info. Got it figured out
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