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Deductions & credits
This is the message the company is giving me now:
Employee contributions under a Cafeteria 125 plan to a Health Savings Account. Included on form w2 in box 12-code w.
- Considered 'employer' contributions under federal rule. Contributions by an employee to an HSA under a Cafeteria plan can be made with pre-tax deductions. The employee cannot deduct employer contributions on his or her federal income tax return as a medical expense (HSA contribution). Employee contributions are exempt from FIT SS/MED and FUTA. Rules for SIT, SUI, LIT vary by jurisdiction.
Code "W" is everything that you have paid towards your HSA plan as a deduction, not a contribution to an HSA since you did not have an actual HSA account that you were contributing to. It you look at your W2, it also includes a note to the right side where it states that we are a Cafe 125 HSA plan.
I still don't understand what that deduction was and what I am supposed to do....
Thanks for all your help so far!