My wife and I contributed ($2303+$4480) $6783 to our HSAs in 2017 ($33 over the limit). It says we have a $409 penalty for excess contributions. That's more than 6%. Why?

[dmertz · Accepted solution]

It appears that you have entered your contributions twice and TurboTax is calculating the penalty as:

0.06 * (2303 + 4480 + 2303 + 4480 - 6750) = 409.

Amounts reported with code W in box 12 of your W-2 must not be entered again as personal HSA contributions.