I had excess HSA contribution, but my W-2 Box 12 Code W and Form 5498-SA Box 2 are not the same. Should they not be the same?

[schwarz-alan]

Form 5498-SA has a lower amount contributed than the W-2. I also had a corrected W-2, but Box 12 had no changes. I believe like the 5498-SA has the correct number, but I went with the W-2 for my tax return. I'd like to know what I should do.

[DavidD66 · Accepted solution]

They should be the same.  You don't have any choice except to use the amount on your W-2, since you have to report your W-2 on your tax return, while Form 5498-SA is not reported on your tax return; unless, you want to file an extension while you sort the issue out.  You should contact your payroll department and/or the HSA administrator to determine which one is correct and which one needs to be corrected.  

[schwarz-alan]

I just figured out the issue. My former employer aligns its benefit year with its fiscal year, which runs from April 1 to March 31 of the following year. That means that HSA contributions made during the payroll period January 1 through March 31 of 2024 should be marked as a prior-year contribution. I was maximizing my HSA contribution, and they made a front-load contribution. I'll have to confer with them.

[dmertz]

If some contributions made through your employer are made for the previous year, it is correct for your the amount reported with code W in box 12 of your W-2 to be different than the amount shown on your Form 5498-SA.  Be sure to answer Yes when TurboTax asks if your employer told you about other contributions and enter  the appropriate amounts in the boxes that TurboTax presents.  You might also want to examine your 2023 Form 8889 to see if it properly included the contributions made for 2023 in 2024.