Implement Health Savings Accounts (HSA) (6 Merged Votes)

ruavthokie

Please add the ability to properly enter and track HSA account transactions in Quicken.

cmrome06

Yes please add HSA features - I had mine set up as two separate accounts - a savings portion and an investment portion (HealthEquity HSA). Everything was working ok, but my employer added a HSA match this year - each paycheck, and I can't find a way in the paycheck tool to make the employer match go directly to the HSA savings account and also be marked as a pre-tax / tax-free contribution like the 401k employer match feature.

whitenack

This is sorely needed.

DJW

I have a self funded HSA (Optum).
At Optum there is a distribution account and a connected investment account. Contributions can be made into either account according to the HSA rules of the year.
Typically I make contributions quarterly. The paycheck tool is not a consideration.

In Quicken I have two Tax Deferred accounts: The distribution account (Tax deferred Savings Account) and an Investment account (Tax Deferred Investment Account). Both accounts are linked.

To accomplish my needs is simple:
In Quicken I require ‘Form 8889’ or ‘Form 5498-SA’ available to be assigned to the ‘Transfers In’ to either of these accounts.
Dan

DJW

Please add form IRS 'Form 8889' Health Savings Accounts.
Or alternatively IRS 'Schedule 1' Additional Income and Adjustments to Income (see 1040 Line 8a).

To the Quicken Home and Business product.

DebT

This feature is definitely needed. Not only to record contributions I make every pay, but matching contributions made by my employer every pay. It needs to work like the 401k and matching in the paycheck entry. Having to manually enter employer contributions as a "workaround" is not ok. It also means that the contribution isn't associated with a specific pay check.

ajs

I agree with Dan

> To accomplish my needs is simple:
> In Quicken I require ‘Form 8889’ or ‘Form 5498-SA’ available to be assigned to the ‘Transfers In’ to either of these accounts.

and report these on the tax summary.
Currently my self-funded HSA contributions show on NO tax report. The "Transfers In" assignment would solve this.

Chris_QPW

kformella said:

Adding the HSA feature to Quicken is most helpful for me because of the different tax treatment in my STATE. I can set up a Roth IRA account or some other round-about method of tracking contributions and withdrawals accurately enough for my FEDERAL return, but my STATE does not handle them the same way. Without being properly characterized for both federal and state returns, there it no way to accurately import my Quicken data into Turbo Tax and I'm always concerned about the accuracy of my numbers when I have to adjust some of them once their imported to TT.

I think that this comment highlights in a nutshell why they haven't implemented a HSA account type.

People are expecting an "account type" that can be anything from a savings account to an investment account or even a mix of both, and also solve all their needs for recording transaction in way that solves their reporting of both federal and state taxes.  And also some how that is all supposed to flow into TurboTax when that would require the two companies to come up with how to do that.  And this is in a program that hasn't updated the tax line in many years.

I wouldn't even know where to begin to draw up such requirements let alone figure out how you would implement it given Quicken's current account types and such.

imdcareys

People don't need an HSA Account Type. They need to have Categories with Tax Line Items for the various tax sensitive transactions that arise from their HSA. The Tax Line Items that result from their transactions could then be used to export into Tax Software to help them complete their tax returns. 

A Cash account and an Investment Account can satisfy the split component of most HSAs as far as recording transactions go. Some may need more than one of either, but Quicken already has the Account Types needed.

DJW

An additional account is not needed.

The addition of ‘Form 8889’ or ‘Form 5498-SA’ to be assigned to transfers and the reporting of these forms in the tax summary fills the basic need.

Ref; ajs Apr2021, imdcareys Feb2020

GeorgenLA

When is the Product Roadmap team going to incorporate HSA's into Quicken? Obviously, this is an important retirement tracking feature that has been missing and needs to be included....like yesterday!!

Jim_Harman

There is already an active Idea post on this topic.

[Removed- Merged]

ad55mire

Add tax Form 8889 or adjustments on Form 1040 to allow contributions into HSA accounts to flow through to tax planner without manual adjustment.

DJW

ajs said:

I agree with Dan

> To accomplish my needs is simple:
> In Quicken I require ‘Form 8889’ or ‘Form 5498-SA’ available to be assigned to the ‘Transfers In’ to either of these accounts.

and report these on the tax summary.
Currently my self-funded HSA contributions show on NO tax report. The "Transfers In" assignment would solve this.

Has this even been considered?

Can someone from Quicken give a status?

For the individual consultant the HSA is an excellent vehicle.

I fear I will be ineligible for the HSA by the time consideration will be given by QWin. :-)

Jim_Harman

DJW said:

Has this even been considered?

Can someone from Quicken give a status?

For the individual consultant the HSA is an excellent vehicle.

I fear I will be ineligible for the HSA by the time consideration will be given by QWin. :-)

If you look at the top post on page 1 of this discussion, you will see that this has been "Under consideration" i.e it is being reviewed by the developers. That is a good sign, but it has been in that state for over a year.

Everyone who wants this, please go to the top post and add your vote if you have not already. Click on the little up arrow below the vote count and make sure the vote count goes up by one. If it goes down, that means you have already voted and you should click again  to re-register your vote.

DJW

Jim_Harman said:

DJW said:

Has this even been considered?

Can someone from Quicken give a status?

For the individual consultant the HSA is an excellent vehicle.

I fear I will be ineligible for the HSA by the time consideration will be given by QWin. :-)

If you look at the top post on page 1 of this discussion, you will see that this has been "Under consideration" i.e it is being reviewed by the developers. That is a good sign, but it has been in that state for over a year.

Everyone who wants this, please go to the top post and add your vote if you have not already. Click on the little up arrow below the vote count and make sure the vote count goes up by one. If it goes down, that means you have already voted and you should click again  to re-register your vote.

Thanks Jim,

I missed that.

Dan

Yaku.ve

Definitely, HSA Accounts must be added to Quicken. Some power users say that is not needed, but they are not considering the new or the basic users. Why should anybody need to figure it out when is something common usage now. Having HSA already there will make it simple for everybody,

Scooterlam

For those of you that have interest in Quicken's Lifetime Planner, have extended this HSA idea to that feature as well.   There are some interesting application for HSA's for retirement as well.   You can find and vote here:  https://community.quicken.com/discussion/7901793/lifetime-planner-idea-add-hsa-account-type-as-a-selectable-investment-account-in-ltp#latest

Tone-Loc

I wasn't expecting to spend my morning looking up ways to implement a new HSA account in Quicken, but this is not an intuitive process in its current state. Using two accounts and manually transferring money in/out is also an unnecessary burden on the users.

Jim_Harman

As part of this implementation, please include support for the 1099-SA tax line item in the Tax reports and for export to TurboTax. See this discussion
https://community.quicken.com/discussion/7907781/how-do-i-post-a-1099-sa-amount-for-my-hsa-in-quicken-so-it-transfers-to-turbotax

zeblon

Those people saying the existing tax line item structure is enough to support HSAs might be right, but I sure can't see how to do it. Transfers into an HSA get reported to two different lines on form 8889; which line depends on whether it's an employer match or not. The two types of contributions get slightly different tax treatment. While it's not a huge lift to figure out the numbers myself once a year, it still requires me to copy stuff over to Excel and double/triple check I did it right. Isn't that the kind of thing Quicken ought to do for me?

Tracking distributions vs qualified medical expenses is a whole 'nother can of worms, especially when you don't take the distribution until years after the expenses were incurred, and not necessarily in amounts that match 1:1 with expenditures. Keeping a running balance of qualified medical expenses vs distributions to date will be really useful once I start pulling money out.

DJW

I now officially give up on pushing for Quicken HSA support... I have turned 65, no longer can contribute.   Spent 7 + years providing use cases arguing\supporting better support in Quicken for HSA contributions.

For the tax schedule report I classify HSA contributions as an 'IRA Contribution, self' with the description 'HSA Contribution'

I highlight this (to distinguish from other contributions) with an explanation in the pdf report and send it to my accountant.

Going forward tracking medical expenses will be more important than HSA's.

Dan

Drinkingbird

Gets my vote as well.  Especially the ability to assign a contribution to a prior tax year like can be done with an IRA or income tax payment.

Sisyphus1967

For what it's worth I vote yes for this idea. I've found workarounds that are compliant but having it built-in would be better. Thanks.

Rick16

Ability to track HSAs and employer matches is sorely needed!

Rick16

Ability to track HSAs and employer matches is sorely needed!

Rick16

Ability to track HSAs and employer matches is sorely needed!

pbmsmit

I support adding the HSA feature to Quicken. In my case Fidelity is the provider.

mx4cc

I concur, we need to have HSA transactions tied to form 8889. It screws up my EOY reporting for my accountant. The way HSAs work is money does come out of your paycheck, pre tax. It goes to an account to be used for medical expenses at a later date. Unlike an FSA it does not have a use it or lose it clock on it. While you're waiting to use that money, most HSAs can be invested. So I have to have a minimum of $1,000 in my HSA account, and anything beyond that can be invested, but it's tied to my employer's HSA. You can also have a self funded HSA. All contributions, withdrawals, and investment growth are all tax free. Making it a bit more complicated, my employer actually gives me $700/yr to contribute to the account. Please add the From 8889 so I can have correct tax reporting and tracking.

DJW

https://community.quicken.com/discussion/comment/20200839#Comment_20200839

Whatever happened to this being considered?

I no longer see a way to vote for this enhancement..

Dan