I understand that the amount shown in this box reflect both the employer contributions and my own.
However, as soon as I enter the amount this w2 box in Turbotax, my refund amount substantially drops. I thought HSA contributions were Tax free? Is there something I am missing. Is there another form I need to get this offset? please help.
Thanks!
You must complete the HSA section of TurboTax to provide the information needed to determine your eligibility for the HSA contribution. Until you do so TurboTax will treat the HSA contribution as an excess contribution subject to a 6% penalty and include this in your tax liability.
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