Add Health Savings Accounts to Quicken for Mac Deluxe 2018 5.8.0

2»

Comments

  • 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.


    Salary is by no means equivalent to Income!  For tax purposes, Total Income includes everything on lines 7 through 21 on Form 1040.  Total Salary is just Line 7.

    Employer HSA (and Salary Reduction Agreement) contributions may
    indeed reduce W-2 Line 1 (and also show on W-2 Line 12 code W), but
    that is not the only form of HSA contribution. I do understand why
    you might record your pay in Quicken as a Split using the un-reduced
    Salary followed by a negative (Salary classification for the) HSA contribution.


    I, like many others, have never received an HSA contribution from an employer!  Nor has an HSA contribution ever appeared on any W-2 for me.  I have always made my contributions myself, whether I was employed or not.  Furthermore, one can't attribute my HSA contributions to any particular form of income, much less Salary; they just get reduce my Adjusted Gross Income (Line 37), not any particular type of income, not even Total Income (Line 33).

    For anybody who is has no Salary (e.g., self-employed), classifying transfers into an HSA as Salary would produce a negative Total Salary.  That would not be good.
  • 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.


    But does reducing your Gross Salary NOT reduce your Gross Income?

    Or, are you totally math deficient?
    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.


    But then I get the wrong numbers when I run TAX reports!  I certainly don't want a negative Salary and a completely missing Form 8889 Line 1 and Form 1040 Line 29.

    Would you also argue that the other reductions to income in Form 1040 Lines 23-35 should also be categorized as negative Salary entries?
  • 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 don’t get it. I had a post above deleted by the mods because I guess I questioned NotACPA’s responses and his calling our claims nonsense.

    Yet, he gets to say “or, are you totally math deficient”. That’s not insulting to Rick?

    Talk about double standards. Whatever, I’m sure the goons will delete this post too. Oh, and btw, I could care less about the points.
  • 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.


    ChicagoDan3 if the post was yesterday it wasn't removed because you violated any guidelines.  This forum had a major meltdown yesterday and lots of posts were lost.  I looks like they reverted to before the problems started.
  • 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.


    Ahh, my bad.  I apologize.  I can be a little hot headed sometimes.
  • qmac_scottqmac_scott Member
    edited November 2018
    This reply was created from a merged topic originally titled Health savings account investment type.


    Please add a Health type to the list of Investment account types. These accounts are unique just like retirement and education types are. Thank you.
  • DianaDiana 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.


    Seems as much as a differed brokerage account is the best way to go for HSA that also provides investments options it would have been helpful to have the form 8889 for transfers into and 1099 SA as transfers out from this account for tax purposes.
    Was wondering how you went around the paycheck set up having the tax schedule non-existent - right now I just dump the withdrawal directly in the account?
Sign In or Register to comment.