tta
Level 3

Retirement tax questions

@dmertz I requested a return of exactly $415 although $412.94 was the excess contribution amount, thinking withdrawing "more" is "better" (wrong!).

I played around with TurboTax as you suggested and this seems to work:

Did your employer tell you about any other contributions "Yes"

  • Employer and payroll contributions made in 2024 for tax year 2023 "$0"
  • Employer and payroll contributions made in 2025 for tax year 2024 "$2"
  • Employer and payroll contributions not reported in Box 12 of your W-2 "$2"

You may want to withdraw money from your HSA
   "I'll withdraw some of the excess contribution by April 15, 2025"
    Excess employer and payroll contributions $417
    Amount withdrawn by April 15, 2025 "$415"

 

Final result

Your HSA summary

  • Taxable employer contributions: $2
  • Tax-free employer contributions: $8,300
  • Excess employer contributions withdrawn: $415

And TurboTax found no errors. Here hoping the 1099-SA to be received next year will show $415 in Box 1 - Gross distribution.

Thanks.