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tinktank
New Member

Excess HSA contribution on incorrect W-2 -- after filing

Hi,

 

My W-2 reported an excess contribution of $350, but this was incorrect. I actually only had an excess contribution of $50. I had contacted my employer, but they were not able to research this in time, so I requested to take back $50 from my HSA (putting me in proper compliance with the $4150 limit for 2024. I had indicated in TurboTax that I was taking out that $50, but that left $250 extra according to my W-2. 

 

Since filing, it was determined that there was indeed an accounting error and I was not $250 over.

 

What do I do now?

  1. Do I file an Amended return saying I "took out" $250? If so, where do I find the place in Turbotax to do that (I'm struggling finding this part in the amendment options)?
  2. Do I need to do something else? My employer says it's too late to issue a new corrected W-2.

 

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1 Reply
RobertB4444
Employee Tax Expert

Excess HSA contribution on incorrect W-2 -- after filing

It is not too late to issue a corrected W2.  And yes, you should file an amended return that shows that you took out the $250.  You should not be paying taxes for someone else's mistake.  And if you don't amend the return the penalty will be on your 2025 tax return as well.

 

@tinktank 

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