Question

I received a corrected w2 which added a W in box 12 It is recognizing my FSA contribution as other income. How do I correct this?

Forum|Forum|5 years ago
May 15, 2021
1 reply
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It seems Turbo tax thinks I have an HSA and not an FSA

TurboTax Premier Online

W-2 Box 12 is an Health Savings Account (HSA) contribution, not a Flexible Spending Account (FSA) contribution.

W—Employer contributions (including amounts the employee elected to contribute using a section 125 (cafeteria) plan) to your health savings account. Report on Form 8889, Health Savings Accounts (HSAs). 2021 Form W-2.

If you have an FSA, contact your employer about your corrected W-2.

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J

Joan55Author

Can I do anything now? Will I have to start the return over?

B

BillM223

Joan, file an extension. You can do through through TurboTax - see this TurboTax Help article. This will avoid any filing penalty at least - you are still responsible to pay the amount due, if any, on May 17th.

The extension to file the paperwork will be October 15th. But don't wait that long.

You do not have to start the return over, but you need to have a heart-to-heart with your employer. If you truly have an FSA, then it should NOT be reported with a code of W in box 12 on your W-2 - doing so means that you can't file until your employer issues you a corrected W-2.

If you actually have an HSA, then you need to review the rules for an HSA - they are quite different than for an FSA.

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