Money Matters
hoffse
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
PSA - TurboTax vs. HR Block
I wanted to alert those of you with an HSA to a potential issue in TurboTax.
I was entering my W2 info into TurboTax this afternoon, and I have employer contributions to my HSA. There's a box on my W2 where they tell you how much it is and what the code is. Easy enough to enter into the W2 info section of TurboTax.
I see an alert box pop up on the HSA section for deductions, and I check it out. For some reason TurboTax thinks my H's employer is the one making the contributions, and it seems to have calculated the contributions twice. I max out that account, so it is saying I have contributed 2x what I can legally contribute, and I have to withdraw it or face a penalty. I have no idea why it thinks my H's employer is the one making the contributions. I quadruple checked that I entered everything correctly, and it keeps giving me that error message.
Meanwhile, my tax refund is about $1,000 lower than I'm expecting. I always do some napkin math before I start, just to get a ballpark. It's not perfect, but I can usually get within a couple hundred dollars.
So I say screw it and enter everything into HR Block instead. Lo and behold HR Block has no problems reporting the HSA contributions correctly, and my refund is almost exactly $1,000 higher than on TurboTax. I entered the same numbers into both programs. So I think the TurboTax error is incorporating a tax penalty into my return that is incorrect, and that's why my refund is showing ~$1,000 less than HR Block.
Needless to say, I'll be filing with HR Block this year.
Anyway, for those of you who have employer contributions to your HSA, pay attention if you are using TurboTax. I did some googling, and I'm not the only one who has had this problem. This isn't a bash on TurboTax - I have used it for many years and generally really like it. But no computer program (or accountant!) is 100% perfect, and any given year there might be bugs or issues.
Please pay attention and review your tax returns before filing them. Remember, when you file your return (whether by computer, accountant, or paper) you are attesting to the accuracy of what is inside of it. I have had clients try to tell the IRS that they just didn't read their return before filing... that excuse does not fly!
Re: PSA - TurboTax vs. HR Block
I am filing with turbo tax this year and I am able to put in all of our info in without paying until we file... You may want to try that @bmo88 just in case you run into issues.
ETA: You can usually find a coupon code online, I found one thru my credit union for $20 off. I believe my CC companies offer them too usually.
Your personal info is stored in a tax file on your actual computer, not on the DVD that you purchased from Costco. Those are read only. Whether Costco takes it back or not is another story (not sure what their return policies are on software).
Should be interesting to see what happens when we try to file. We have an HSA, but it is all personal contributions. No employer contribs, but I won't have anything to start putting in until February and the last of it won't show until March. I'm sure by then they'll fix whatever the bug is.
Good luck.
I looked up their return policy and it didn't mention software specifically so you may be in luck. I know a lot of places won't take opened software back because for all they know you bought it, copied/installed it, and returned the physical software to essentially get it for free.
Not what you're trying to do I know.