Which of the following statements is TRUE regarding excess health savings account (HSA) contributions? Excess HSA contributions:
Can be rolled into the following year’s contributions by completing Form 2121.
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Excess Health Savings Account
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May be removed, without penalty, by the due date of the tax return, including extensions.
Are subject to a 20% penalty.
Can only be resolved by the taxpayer’s employer. There is no effect on income tax.
Form 1040 Adjustments
June (56) and Yusef (53) are married filing jointly. June’s health insurance through work covers both of them, with a $3,500 annual deductible. June has a health savings account (HSA). They had no other insurance. What is the maximum contributions to their HSA account for 2022?