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Level 1
April 2, 2020
Question

Excced HSA contribution

  • April 2, 2020
  • 1 reply
  • 8 views

My W2 show HSA contribution $5999.84. My company contributed $2000 and I made contribution $3999.84. Yet turbo tax says I am exceed of $2100 which I have to pay 6% tax. I am over 55 and I have $7000 limit for family and why turbo tax saying I am exceeding $2100. It just does not add up.

    1 reply

    April 2, 2020

    you need to acccess the 8889-T and make sure you answered all the question correctly. also check the W-2 entrties for code W

     

    if code w on your W-2 shows the 6000.  then on the 8889 your contributions are 0.   your taxable wages were reduced by the $4000 of yours that went in to the HSA.  line 2 should on the formm should be 0