Where do I enter my FSA contribution?

Forum|Forum|7 years ago
June 7, 2019
4 replies
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TurboTax Premier Online

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FSAs are usually funded through voluntary salary reduction agreements with your employer. No employment or federal income taxes are deducted from your contribution. The employer may also contribute.

Note: Unlike HSAs or Archer MSAs which must be reported on your Form 1040, there are no reporting requirements for FSAs on your income tax return.

Also. you cannot deduct qualified medical expenses as an itemized deduction on Schedule A (Form 1040) if they were paid with pre-tax dollars from an FSA.

If you have any unused amounts in your FSA, that amount is forfeited, and since you already got a deduction, you cannot deduct the loss.

Rainman12

Alumni - Champ

Do NOT enter any amounts from Code W in Box 12 of your W-2; Those are only entered when you put in your W-2 information. Did you make any additional contributions beyond that? What proof of payment do you have? ...

donaldsona2006

Level 2

none

Anonymous

Answer

FSAs are usually funded through voluntary salary reduction agreements with your employer. No employment or federal income taxes are deducted from your contribution. The employer may also contribute.

Note: Unlike HSAs or Archer MSAs which must be reported on your Form 1040, there are no reporting requirements for FSAs on your income tax return.

Also. you cannot deduct qualified medical expenses as an itemized deduction on Schedule A (Form 1040) if they were paid with pre-tax dollars from an FSA.

If you have any unused amounts in your FSA, that amount is forfeited, and since you already got a deduction, you cannot deduct the loss.

nsteph

Level 3

That is really helpful, and more in-depth than the other answers I've seen. I think a lot of us were confused because TurboTax's help popup (linked from the HSA deductions page) said it would ask about our FSA later, but it did not.

erobelen

Level 2

Yes - the same thing happened to me! I saw a message saying that I'd get asked later about the FSA. This did not happen, and it caused me a lot of confusion.

jabq

Level 2

So if my fsa contribution is not taxed federally at time of paycheck with no deduction, but is included in my overall gross income, it is then taxed at tax return time? is that what I understand?

MinhT1

Level 15

@jabq

Your contribution to a FSA is not taxed at tax return time. It is untaxed money which can be used to pay for your out-of-pocket medical expenses. It is not taxed but you may lose the unspent portion of your FSA.

Please this TurboTax article for more information.

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pauls60r

Level 2

I'm under a unique situation where a dependent care FSA is provided to a partnership. No taxes are withheld from partnership income so we pay quarterly estimates.

I would think that there's some place to enter the amount we contributed to the FSA in turbotax somewhere (other than box 12 which doesn't appear to affect taxable income from the partnership). Sorry, I know it sounds confusing but bear with me:

By example, the partnership has a 401k, which we contribute to and is shown on box 12 of our K1. However, when I enter the amount in box 12 for the K1, the gross income from the partnership isn't adjusted. What I have to do is enter the same 401k contributions amounts in the self employment retirement plan section of turbo tax to capture the pretax benefits.

Is there some way to handle the FSA contributions similarly somewhere in turbo tax?