Are you using TurboTax Online or TurboTax CD/Download?
You need to enter your contributions before your deduction limit can be calculated. You’ll get a T4FHSA - First Home Savings Account Statement early next year which will have your total contributions, and once you enter the slip, TurboTax will adjust your deduction limit.
Where do you enter the FHSA T4FHSA amount? I have received my slip and there’s nowhere to enter it on Turbotax Online 2023.
thanks!
Open your return- on the left-hand side and go to Income, T-Slips to T-Slips Summary, and scroll down until you see "NEW T4FHSA". Click on the box in front of where it says "NEW T4FHSA", then continue. Once you get to your T4s you will continue until you get to where it says Enter New T4FHSA and click on it. You will see where you will be able to enter the amount as shown on your T4FHSA slip.
Thank you for choosing TurboTax.
I am currently having the same problem.
My spouse and I both opened and contributed 8k into our FHSA accounts. We both withdrew our 8k balances and bought a home.
On the online version of Turbo it I am getting this when I try to claim the 8k deductions...
"Maximum FHSA deduction available for 2023: $0.00"
I don't have the FHSA Tax receipt yet, but I have entered the information as a reference point.
Cancel that. Mistake on my end, of course! Just needed to send a forum post before I noticed it! haha
Happy to know the issue was resolved. Thank you for letting us know.
Thank you for choosing TurboTax.
I understood that I need T4FHSA to get proper deduction limit on TurboTax. But who is responsible for T4FHSA? The company I have FHSA account with, or myself? If I have to prepare T4FHSA myself, how can I do that?
@nk_ The T4FHSA will be issued by whatever bank or institution that you have your FHSA account with.
Could you clarify your question?
Thank you for choosing TurboTax.
Update: the problem is solved.
Hello,
I have been facing the same issue as you:
My spouse and I opened and contributed 8k into our FHSA accounts (each of us has a separate account) in 2023. We have not withdrawn 8k balances. I am getting this on the offline version of Turbo when I try to claim the 8k deductions.
"Line 20: Maximum FHSA deduction available for 2023: $0.00". But, my spouse, on the other hand, could get the FHSA deduction for 8k.
Could you please share how you resolve this?
Thank you in advance for your help
I am having the same problem with the download version of the software.
How can this be fixed.
I ended up going directly into the form and entering my contribution amount, then back into the Easy step process, and then the limit was correctly amended to the contribution amount vs zero.
Thank you for the update.
Thank you for choosing TurboTax.
It didn't work that way for me Susan. I opened a FHSA in 2023 but made no contribution and schedule 15 said there is no carry over or unused FHSA contribution available to deduct in future years.
I thought I should have been able to donate 16,000 in 2024 since I didn't use my 2023 contribution room but not only does 2023 turbo tax say I have no carry over, 2024 turbo tax blocks me from deducting any more than $8,000.
How do I reclaim my original $8,000 of contribution room from 2023 please?
Doug.
@DougFromCalgary On your 2023 return did you report on Schedule 15 that you opened a FHSA account? You need to do this even if you didn't contribute anything in 2023, in order to get the $8,000 as unused Contribution limit (aka participation room) for 2024. If you did this, then your NOA for 2023 should indicate you have this amount to carry forward. If it's not on your 2023 NOA, then you'll have to adjust your return for that year to say that you opened a FHSA account in 2023.
Hi Susan - thanks so much for getting back to me.
Yes, I did note last year in 2023 TurboTax that I opened the FHSA and made no contribution.
Also, my 2023 NoA notes I have an FHSA carryforward for 2024 of $8,000 and an FHSA participation room for 2024 of $16,000.
On my 2024 return, on the FHSA data page, I've entered 0 for variable "B" (whatever that is) as that's what the 2023 NoA says, $8,000 for my FHSA carry forward amount, and zeroes for the other 5 fields on that page (transfers from RSPs, designated transfers out, annual 2023 FHSA limit, FHSA 2023 deduction, and unused FHSA contributions to deduct in future years) since there were no transfers in out to an RSP and I matched the zeroes shown on my 2023 NoA.
Then on the next page, FHSA deduction, the Turbo Tax screen says maximum available for 2024 of $8,000 instead of $16,000, even though the NoA also says I have FHSA participation room of $16,000.
This is what has me confused and frustrated. The NoA says I can contribute $16,000 in 2024 but the way Turbo Tax asks the questions and the data it asks for (which ignores other data from the NoA) blocks me at just $8,000 and either ignores last year's $8,000 carry forward or is failing to give me the room for the 2024 contribution room of $8,000.
Is the problem with TurboTax or the data in the NoA and how do I correct it please?
Thanks again for your help.
Doug.
Hi Susan - just a reminder I'm still looking for guidance on this issue.
Please see my response from yesterday explaining I had already done what you said to do but am still not getting contribution room credit.
Please advise.
I got through to TurboTax's phone line Susan and they solved the problem.
For anyone else reading this thread, here's the issue.
On the RSP profile page one of the questions is did you open an FHSA. I ticked yes but because it was opened in 2023, not 2024, I should have left that box unticked. Ticking the box appears to tell the program there is no 2023 carry over and appears to block your efforts to enter that carry over contribution room.
Cheers.
Doug.
@DougFromCalgary Thank you for sharing this information with all our community members. We appreciate the participation and involvement of our members.
Thank you for choosing TurboTax.