Add Health Savings Accounts to Quicken for Mac Deluxe 2018 5.8.0

It would be helpful if Quicken for Mac had health savings accounts. 
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  • Rick GumpertzRick Gumpertz Member
    edited October 2018
    Quicken for Windows too!
  • NotACPANotACPA SuperUser ✭✭✭✭
    edited September 2018

    Quicken for Windows too!

    My wife has an HSA that I track in Q Win ... and have done so for 4 years.

    It's not a question of Q supporting HSA's (it DOES), it's a question of the specific HSA bank agreeing with Q to provide downloads into Q.

    Go bug the HSA, they're the only ones who can remedy this ... by signing the contract with Quicken, Inc.

    And, HSA's are, really, just a tax-advantaged bank account ... so I'm quite sure that all of the above is also true for Q Mac.
    Q user since DOS version 5
    Now running Quicken Windows Subscription
    Retired "Certified Information Systems Auditor"
  • smayer97smayer97 SuperUser ✭✭✭✭
    edited October 2018
    I do not believe you do not need a specific account type.  I believe you can simply select one of the tax advantaged account types in Quicken, e.g. 401K / RRSP, then just label the account HSA.

    If you find this reply helpful, please be sure to click "Like", so others will know, thanks.

    (STILL using QM2007, Canadian user since '92)

    Have Questions? Check out these FAQs:
  • QMac UserQMac User Member
    edited September 2018

    I do not believe you do not need a specific account type.  I believe you can simply select one of the tax advantaged account types in Quicken, e.g. 401K / RRSP, then just label the account HSA.

    This does not work. If you select a 401k or IRA or any similar type of account, then Quicken will not let you connect with the financial institution. The financial institution is only offered/available when you select a normal savings account. 

    I think the original request is still valid. We need Quicken to create a specific account type for HSA's and put them in the retirement account category rather than listed with the savings accounts. 
  • QMac UserQMac User Member
    edited September 2018

    Quicken for Windows too!

    I have been tracking my HSA as a normal savings account for years now. And my financial institution does connect with them. But I want Quicken to create a specific account type for HSA's and list the account with the other retirement/tax-advantaged accounts. I use my HSA as a retirement account. I want it listed with the retirement accounts. Quicken will not allow me to do this. It just treats the HSA as any other normal savings account. 
  • Quicken HaroldQuicken Harold Moderator ✭✭✭✭
    edited September 2018

    I do not believe you do not need a specific account type.  I believe you can simply select one of the tax advantaged account types in Quicken, e.g. 401K / RRSP, then just label the account HSA.

    Hello QMac User,

    Which brokerage are you having issues connecting to?

    Please let us know.

    Respectfully,
    ~ Quicken Harold.
    Quicken Harold
    Community Moderator
  • QMac UserQMac User Member
    edited September 2018

    I do not believe you do not need a specific account type.  I believe you can simply select one of the tax advantaged account types in Quicken, e.g. 401K / RRSP, then just label the account HSA.

    HealthEquity.com. 
    I can connect with this institution just fine by creating a normal savings account. However the institution is not available if I try to create the account as a 401k or IRA or other tax-advantaged retirement account. 
  • Rick GumpertzRick Gumpertz Member
    edited September 2018
    Withdrawals from HSAs for paying medical bills are also treated differently than IRA accounts.  For taxation purposes, normal deposits and withdrawals are both tax free.  IRAs and Roth IRAs may incur tax on one or the other side.
  • QMac UserQMac User Member
    edited September 2018

    Withdrawals from HSAs for paying medical bills are also treated differently than IRA accounts.  For taxation purposes, normal deposits and withdrawals are both tax free.  IRAs and Roth IRAs may incur tax on one or the other side.

    I agree. This is why I believe Quicken should create an account type just for HSA's. They are different than normal savings accounts. And they are different than other retirement accounts. 
  • QMac UserQMac User Member
    edited October 2018
    Also, in some HSA's, you can also invest money in mutual funds, etc. 

    So to sum up, we need Quicken to offer a specific account type for HSA's. And there are HSA's that are similar to checking/savings, but there are also HSA's that are similar to investment accounts. All HSA's have tax advantages and IRS rules. We need this specific account type offered in Quicken and not just use temporary work arounds. 

  • NotACPANotACPA SuperUser ✭✭✭✭
    edited January 27

    I do not believe you do not need a specific account type.  I believe you can simply select one of the tax advantaged account types in Quicken, e.g. 401K / RRSP, then just label the account HSA.

    My wife has HealthEquity also.
    To change it so that it falls within the "Retirement" type accounts, do this:
    1. Click TOOLS
    2. Click Account List
    3. Click EDIT across from the name of your HSA account
    4. Click the "Display Options" tab at the top of the dialog
    5. Change the "Account Intent" to Retirement
    And, you can set the tax attributes of the account by click the "Tax Schedule" button after step 3 (i.e., in the Account Details dialog).

    SO, Q already has the ability to do  everything that you've specified.
    Q user since DOS version 5
    Now running Quicken Windows Subscription
    Retired "Certified Information Systems Auditor"
  • NotACPANotACPA SuperUser ✭✭✭✭
    edited September 2018
    QMac User said:

    Also, in some HSA's, you can also invest money in mutual funds, etc. 

    So to sum up, we need Quicken to offer a specific account type for HSA's. And there are HSA's that are similar to checking/savings, but there are also HSA's that are similar to investment accounts. All HSA's have tax advantages and IRS rules. We need this specific account type offered in Quicken and not just use temporary work arounds. 

    For investment type HSAs set them up as a brokerage account ... and then set the tax attributes, as I described above.

    BECAUSE an HSA is NOT an account type.  It's just a banking account with a few specific tax attributes.

    If you look at the "Add Account" screen, each account type displayed is distinctly different from the others.  An HSA isn't.
    Q user since DOS version 5
    Now running Quicken Windows Subscription
    Retired "Certified Information Systems Auditor"
  • QMac UserQMac User Member
    edited September 2018

    I do not believe you do not need a specific account type.  I believe you can simply select one of the tax advantaged account types in Quicken, e.g. 401K / RRSP, then just label the account HSA.

    I'm guessing you're referring to QWin and not QMac? I don't see any of this in QMac. 
  • QMac UserQMac User Member
    edited September 2018
    QMac User said:

    Also, in some HSA's, you can also invest money in mutual funds, etc. 

    So to sum up, we need Quicken to offer a specific account type for HSA's. And there are HSA's that are similar to checking/savings, but there are also HSA's that are similar to investment accounts. All HSA's have tax advantages and IRS rules. We need this specific account type offered in Quicken and not just use temporary work arounds. 

    You can't add Health Equity to a brokerage account, only to a savings account in QMac. 
  • QMac UserQMac User Member
    edited September 2018
    QMac User said:

    Also, in some HSA's, you can also invest money in mutual funds, etc. 

    So to sum up, we need Quicken to offer a specific account type for HSA's. And there are HSA's that are similar to checking/savings, but there are also HSA's that are similar to investment accounts. All HSA's have tax advantages and IRS rules. We need this specific account type offered in Quicken and not just use temporary work arounds. 

    I have my HSA's set up in QMac and they connect to institutions, but I can't set any tax attributes for them in QMac and I don't like seeing them grouped with normal savings accounts that are used differently. 
  • Rick GumpertzRick Gumpertz Member
    edited September 2018

    I do not believe you do not need a specific account type.  I believe you can simply select one of the tax advantaged account types in Quicken, e.g. 401K / RRSP, then just label the account HSA.

    What do you suggest for the Tax Schedule setrtings?
  • ChicagoDan3ChicagoDan3 Member
    edited January 27
    I agree with everyone else here that Quicken should provide better support for HSAs.  They are becoming very common and they are different from 401(ks) and IRAs.

    NotACPA, you keep saying Quicken already supports HSAs and all the user needs do is set the tax attributes.  Are you able to be more specific?

    I have my HSA setup as a tax deferred brokerage account.  Is that all you are referring too, the tax deferred status?

    Or are you additionally referring to the tax schedules associated with transfers in/out of the account?  Should that be Form 8889? 

    Unfortunately that form is not listed in the dropdown in QW2017.  So it seems to me HSAs are not fully supported.


  • ChicagoDan3ChicagoDan3 Member
    edited September 2018
    QMac User said:

    Also, in some HSA's, you can also invest money in mutual funds, etc. 

    So to sum up, we need Quicken to offer a specific account type for HSA's. And there are HSA's that are similar to checking/savings, but there are also HSA's that are similar to investment accounts. All HSA's have tax advantages and IRS rules. We need this specific account type offered in Quicken and not just use temporary work arounds. 

    NotACPA, why do you say that an HSA is just a bank account with specific attributes?  That makes no sense to me.  Couldn't you say the same thing about an IRA account?  My HSAs are like a mix of a bank account and an investment account that are both tax deferred.  And as discussed above, they are better than tax deferred.  I get a tax deduction when I make the contribution and I may or may not pay any taxes on distributions depending on whether the distribution is for qualified medical expenses.

    This reminds me that Quicken doesn't really fully support Roth accounts either.
  • NotACPANotACPA SuperUser ✭✭✭✭
    edited September 2018

    I agree with everyone else here that Quicken should provide better support for HSAs.  They are becoming very common and they are different from 401(ks) and IRAs.

    NotACPA, you keep saying Quicken already supports HSAs and all the user needs do is set the tax attributes.  Are you able to be more specific?

    I have my HSA setup as a tax deferred brokerage account.  Is that all you are referring too, the tax deferred status?

    Or are you additionally referring to the tax schedules associated with transfers in/out of the account?  Should that be Form 8889? 

    Unfortunately that form is not listed in the dropdown in QW2017.  So it seems to me HSAs are not fully supported.


    image

    Showing:
    • Account name
    • Tax deferred
    • Tax status for Transfers in (from paycheck)
    • NO status for Transfers out
    Q user since DOS version 5
    Now running Quicken Windows Subscription
    Retired "Certified Information Systems Auditor"
  • smayer97smayer97 SuperUser ✭✭✭✭
    edited September 2018

    I agree with everyone else here that Quicken should provide better support for HSAs.  They are becoming very common and they are different from 401(ks) and IRAs.

    NotACPA, you keep saying Quicken already supports HSAs and all the user needs do is set the tax attributes.  Are you able to be more specific?

    I have my HSA setup as a tax deferred brokerage account.  Is that all you are referring too, the tax deferred status?

    Or are you additionally referring to the tax schedules associated with transfers in/out of the account?  Should that be Form 8889? 

    Unfortunately that form is not listed in the dropdown in QW2017.  So it seems to me HSAs are not fully supported.


    So is seems that part of the issue here is the inability to set the tax deferred status on an account in QMac...

    Then there is the tax treatment, which is different from other tax deferred accounts.

    If you find this reply helpful, please be sure to click "Like", so others will know, thanks.

    (STILL using QM2007, Canadian user since '92)

    Have Questions? Check out these FAQs:
  • Jeff NJeff N Member
    edited September 2018

    Quicken for Windows too!

    On QWin when you edit the account the display options tab has the option to show it as Investment or Retirement. Not sure if QMac has a similar option.
  • NotACPANotACPA SuperUser ✭✭✭✭
    edited September 2018

    I agree with everyone else here that Quicken should provide better support for HSAs.  They are becoming very common and they are different from 401(ks) and IRAs.

    NotACPA, you keep saying Quicken already supports HSAs and all the user needs do is set the tax attributes.  Are you able to be more specific?

    I have my HSA setup as a tax deferred brokerage account.  Is that all you are referring too, the tax deferred status?

    Or are you additionally referring to the tax schedules associated with transfers in/out of the account?  Should that be Form 8889? 

    Unfortunately that form is not listed in the dropdown in QW2017.  So it seems to me HSAs are not fully supported.


    the inability to set the tax deferred status on an account in QMac...
    Now THAT's something to bug Q to provide  ... but not this nonsense about an HSA "type"
    Q user since DOS version 5
    Now running Quicken Windows Subscription
    Retired "Certified Information Systems Auditor"
  • Rick GumpertzRick Gumpertz Member
    edited September 2018

    I agree with everyone else here that Quicken should provide better support for HSAs.  They are becoming very common and they are different from 401(ks) and IRAs.

    NotACPA, you keep saying Quicken already supports HSAs and all the user needs do is set the tax attributes.  Are you able to be more specific?

    I have my HSA setup as a tax deferred brokerage account.  Is that all you are referring too, the tax deferred status?

    Or are you additionally referring to the tax schedules associated with transfers in/out of the account?  Should that be Form 8889? 

    Unfortunately that form is not listed in the dropdown in QW2017.  So it seems to me HSAs are not fully supported.


    How does making the Transfers In tax treatment be "W-2 Salary or Wages, spouse" help?  That is neither Form 8889 nor Form 1040 line 25.  Furthermore, it is totally wrong for HSA contributions that I make myself.  Finally, won't marking it as Salary increase my Salary total in Tax reporting? 
  • NotACPANotACPA SuperUser ✭✭✭✭
    edited September 2018

    I agree with everyone else here that Quicken should provide better support for HSAs.  They are becoming very common and they are different from 401(ks) and IRAs.

    NotACPA, you keep saying Quicken already supports HSAs and all the user needs do is set the tax attributes.  Are you able to be more specific?

    I have my HSA setup as a tax deferred brokerage account.  Is that all you are referring too, the tax deferred status?

    Or are you additionally referring to the tax schedules associated with transfers in/out of the account?  Should that be Form 8889? 

    Unfortunately that form is not listed in the dropdown in QW2017.  So it seems to me HSAs are not fully supported.


    It helps, because transfers from your paycheck into your HSA are pre-tax deductions from your Gross Salary.

    And show up, in that manner, on your W-2.

    A pre-tax Deduction from your paycheck shows up as a deposit to your HSA ... and reduces your gross salary at the same time.

    If you don't have the Paycheck form, use a Negative amount in your paycheck split.
    Q user since DOS version 5
    Now running Quicken Windows Subscription
    Retired "Certified Information Systems Auditor"
  • Rick GumpertzRick Gumpertz Member
    edited September 2018

    I agree with everyone else here that Quicken should provide better support for HSAs.  They are becoming very common and they are different from 401(ks) and IRAs.

    NotACPA, you keep saying Quicken already supports HSAs and all the user needs do is set the tax attributes.  Are you able to be more specific?

    I have my HSA setup as a tax deferred brokerage account.  Is that all you are referring too, the tax deferred status?

    Or are you additionally referring to the tax schedules associated with transfers in/out of the account?  Should that be Form 8889? 

    Unfortunately that form is not listed in the dropdown in QW2017.  So it seems to me HSAs are not fully supported.


    They do NOT reduce your salary, they reduce your gross income.  They go on Form 8889 and thence to Line 25 of Form 1040.  Furthermore, if I make an HSA contribution myself, it is in NO WAY related to Salary!
  • ChicagoDan3ChicagoDan3 Member
    edited September 2018

    I agree with everyone else here that Quicken should provide better support for HSAs.  They are becoming very common and they are different from 401(ks) and IRAs.

    NotACPA, you keep saying Quicken already supports HSAs and all the user needs do is set the tax attributes.  Are you able to be more specific?

    I have my HSA setup as a tax deferred brokerage account.  Is that all you are referring too, the tax deferred status?

    Or are you additionally referring to the tax schedules associated with transfers in/out of the account?  Should that be Form 8889? 

    Unfortunately that form is not listed in the dropdown in QW2017.  So it seems to me HSAs are not fully supported.


    I agree with Rick. An HSA is like a Traditional IRA in that contributions can be deductible independent of your paycheck. And like a Roth IRA in that distributions can be tax free as long as they are for qualified med expenses.


    I find it odd that Quicken has account types for both Traditional IRAs and Roth IRAs but not HSAs. It’s not like they are brand new.
  • QPWQPW Member ✭✭✭✭
    edited September 2018

    I agree with everyone else here that Quicken should provide better support for HSAs.  They are becoming very common and they are different from 401(ks) and IRAs.

    NotACPA, you keep saying Quicken already supports HSAs and all the user needs do is set the tax attributes.  Are you able to be more specific?

    I have my HSA setup as a tax deferred brokerage account.  Is that all you are referring too, the tax deferred status?

    Or are you additionally referring to the tax schedules associated with transfers in/out of the account?  Should that be Form 8889? 

    Unfortunately that form is not listed in the dropdown in QW2017.  So it seems to me HSAs are not fully supported.


    I find it odd that Quicken has account types for both Traditional IRAs and Roth IRAs but not HSAs. It’s not like they are brand new.
    .
    They are "brand new" to Quicken!  :-)

    Getting the developers to add an account type is a major undertaking.  Ask any Quicken Windows Canadian user that has been asking for their retirement accounts to be properly supported instead still seeing the US terms and such.

    And when you look through Quicken you can find several gaps in even the support of the existing features. Like the tax planner doesn't pick up Simple IRA tax lines.  And there is a feature where you can set an brokerage account to tax deferred and then get a button to convert it into an IRA, but Roth, Simple, ... other account types aren't available.
  • ChicagoDan3ChicagoDan3 Member
    edited September 2018

    I agree with everyone else here that Quicken should provide better support for HSAs.  They are becoming very common and they are different from 401(ks) and IRAs.

    NotACPA, you keep saying Quicken already supports HSAs and all the user needs do is set the tax attributes.  Are you able to be more specific?

    I have my HSA setup as a tax deferred brokerage account.  Is that all you are referring too, the tax deferred status?

    Or are you additionally referring to the tax schedules associated with transfers in/out of the account?  Should that be Form 8889? 

    Unfortunately that form is not listed in the dropdown in QW2017.  So it seems to me HSAs are not fully supported.


    Maybe so. When did they add support for Roth IRAs? Was that relatively recent? I ask because I have a Roth IRA I setup in 2010 but it’s setup as a Traditional IRA in Quicken. I can’t believe I screwed that up back then ( although it’s certainly possible) but I wonder if they added support sometime after. So maybe it wasn’t a big deal.


    Of course having it flow thru correctly to everything would probably be a bigger deal. I don’t even know if they got Roth’s right except for the account type.


    In the meantime, it doesn’t hurt to complain.
  • QPWQPW Member ✭✭✭✭
    edited September 2018

    I agree with everyone else here that Quicken should provide better support for HSAs.  They are becoming very common and they are different from 401(ks) and IRAs.

    NotACPA, you keep saying Quicken already supports HSAs and all the user needs do is set the tax attributes.  Are you able to be more specific?

    I have my HSA setup as a tax deferred brokerage account.  Is that all you are referring too, the tax deferred status?

    Or are you additionally referring to the tax schedules associated with transfers in/out of the account?  Should that be Form 8889? 

    Unfortunately that form is not listed in the dropdown in QW2017.  So it seems to me HSAs are not fully supported.


    I don't remember exactly when the Roth IRA was added, but it was long after Roth IRAs became available as an option to people, that I do know.

    Of course having it flow thru correctly to everything would probably be a bigger deal. I don’t even know if they got Roth’s right except for the account type.
    .
    Frankly I think it is the "whole point" who really cares about what the account type shows, it is how Quicken deals with a given type that matters.
  • NotACPANotACPA SuperUser ✭✭✭✭
    edited September 2018

    I agree with everyone else here that Quicken should provide better support for HSAs.  They are becoming very common and they are different from 401(ks) and IRAs.

    NotACPA, you keep saying Quicken already supports HSAs and all the user needs do is set the tax attributes.  Are you able to be more specific?

    I have my HSA setup as a tax deferred brokerage account.  Is that all you are referring too, the tax deferred status?

    Or are you additionally referring to the tax schedules associated with transfers in/out of the account?  Should that be Form 8889? 

    Unfortunately that form is not listed in the dropdown in QW2017.  So it seems to me HSAs are not fully supported.


    salary, they reduce your gross income.


    "Gross Salary", which is what I wrote, and "gross income" are the same thing


    And paycheck contribs to an HSA reduce what's shown in Box 1 of your W2.
    Q user since DOS version 5
    Now running Quicken Windows Subscription
    Retired "Certified Information Systems Auditor"
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