Question

HSA incorrectly calculating excess 6% tax

Forum|Forum|6 years ago
February 12, 2020
1 reply
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Can anyone help me as to why I am being taxed an additional 6% on my HSA? My contribution limit for an individual is $3,500 for 2019 and only contributed $1,801. TurboTax is telling me I am subject to an additional 6% in taxes on the $1,801 which is on my W-2... HELP!

N

NCPERSON1

1) what is in Box 12 Code W of all W-2s? THAT is the so called 'employer contribution" (even though it contains what was withheld from your paycheck. it includes what was withheld from your paycheck PLUS whatever your employer threw in as a benefit,.

2) there is a question that asks what you contributed..... DO NOT include what was withheld from your paycheck. This is reserved for dollars you sent in by check to the administrator OUTSIDE your paycheck.

is that the issue?