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Category: General Questions

I have an additional amount to the left of line 60 on my 1040 Form. What does this mean?

If you have an additional amount to the left of Line 60 of your Form 1040, this means that there is an additional tax being calculated based on information that you entered into your account. If you are not sure if the amount is correct, open the PDF of your return and scroll to line 60 to determine which code goes with the amount. Below are explanations of what each code means, the reason the additional tax is being calculated, and how it can be corrected if there was a mistake.

UT: If you have a code UT then you have entered an amount in box 12 of your W-2 with a code of A, B, C, M, or N. Please verify that this is correct on your W-2.

  • If this is incorrect and your W-2 (hard copy) does not list one of these codes, go into the W-2 entries and be sure that one of these codes did not get selected accidentally.
  • If this is correct and you do have one of these codes in Box 12 of your W-2, per the IRS instructions, this amount is appropriately placed to the left of Line 60 with the code "UT".

MSA: If you reported that you received Archer MSA distributions (on Form 8853) during the year, there may be additional tax that gets computed for your return. When you receive an Archer MSA distribution, all of the funds must be used for qualified medical expenses. If the amount of your distribution(s) is larger than the amount of the qualified medical expenses, the excess will be taxed at 20%. If you have the code "MSA" to the left of line 60, this means that the amount of the distribution you reported is larger than the amount of expenses that you reported.

  • If this is incorrect, go into your Form 8853 entry for your Medical Savings Account and adjust the appropriate amounts in the section for MSA Distributions.
  • If this is correct, and you received more money in your distribution than you actually spent on qualifying medical expenses, per the IRS instructions the additional 20% tax is appropriately displaying to the left of line 60 with the code "MSA".

Med MSA: If you reported that you received Medicare Advantage MSA distributions (on Form 8853) during the year, there may be additional tax that gets computed for your return. When you receive a Medicare Advantage MSA distribution, all of the funds must be used for qualified medical expenses. If the amount of your distribution(s) is larger than the amount of the qualified medical expenses, the excess will be taxed at 50%. If you have the code "Med MSA" and an amount to the left of line 60, this means that the amount of the distribution you reported is larger than the amount of expenses that you reported.

  • If this is incorrect, go into your Form 8853 entry for your Medical Savings Account and adjust the appropriate amounts in the section for Medicare Advantage MSA Distributions.
  • If this is correct, and you received more money in your distribution than you actually spent on qualifying medical expenses, the additional 50% tax is appropriately displaying to the left of line 60 with the code "Med MSA".

HSA: If you reported that you received Health Savings Account (HSA) distributions (on Form 8889) during the year, there may be additional tax that gets computed for your return. When you receive an HSA distribution, all of the funds must be used for qualified medical expenses. If the amount of your distribution(s) is larger than the amount of the qualified medical expenses, the excess will be taxed at 10%. If you have the code "HSA" and an amount to the left of line 60, this means that the amount of the distribution you reported is larger than the amount of expenses that you reported.

  • If this is incorrect, go into your Form 8889 entry for your Health Savings Account and adjust the appropriate amounts in the section for HSA Distributions.
  • If this is correct, and you received more money in your distribution than you actually spent on qualifying medical expenses, the additional 10% tax is appropriately displaying to the left of line 60 with the code "HSA".

To see a complete list of possible codes that will populate next to Line 60, please refer to the Line 60 (Other Taxes) Instructions.

For more information regarding MSA's, Med MSA's, and HSA's, please click Here.