Question

In 2017, the excise tax for excess contributions to a health savings account is

Answer 1

In 2017, the excise tax is 6% on excess contributions for excess contributions to a health savings account.

If you have contributed excess to your health saving account, you can do two things -

1. Remove the excess contributions from the health saving account and the net income attributable to the excess contribution, You’ll pay income taxes on the excess removed from your HSA

2. pay 6% excise tax on excess contributions as leave the excess contribution to health saving account.