On my W-2 I have an amount listed under Box 12 Code W. When I enter that amount in Turbo Tax. It increases my federal tax burden by about 30% of the amount and my state tax (Oregon) burden by about 10%.
Why would entering any amount here increase my tax burden?
TurboTax treats the code-W amount as an excess HSA contribution subject to tax and penalty until you complete the HSA section of TurboTax to indicate your eligibility for an HSA contribution.
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