Confusing HSA prompt: total for all accounts as of Dec31

natecooli Member Newcomer
edited March 12 in Credits/Deductions

Getting confused as this is proving hard to determine, because I have 2 hsa accounts and both are invested so can have varying values at any point in time. Just to be clear, this is asking for total value across all accounts as of dec31. Is this an optional field? If required, why is this question relevant?

"Enter the value of all of your health savings accounts as of December 31, 2023, including 2023 contributions made during 2024:"



  • rachels
    rachels FreeTaxUSA Agent
    edited March 14

    Hi natecooli,

    That question is not always asked. The questions asked on the HSA screens depend on your answers to the other questions in that section of your account. The question about your HSA value on December 31st will often be asked in a situation where you had excess contributions to your HSA. If that question is asked, then yes, you will need to answer it in order for your return to be filled out properly. It is related to calculating the penalty for excess contributions.

    That question is asking for the total value across all of your HSA accounts as of December 31st. You should have received a form 5498-SA from both HSA accounts. The Fair Market Value (FMV) is reported in box 5 on this form.