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?
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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.
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