289063
I contributed both dependent FSA and medical FSA in 2017. However my W2 box 10 is blank. And what is worse, on the top, there is a chart saying MED FSA EE and the number after that is the total amount of medical FSA and dependent FSA.
Is that possible I got an incorrect W2 or that is normal? If not correct, should I ask for a corrected one from my employer or I just enter correct numbers in Turbo Tax?
Thanks
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I don't know what kind of chart might be on your W-2, it's not a legal part of the form, that seems very irregular. Maybe it's a separate page. The W-2 (and the W-3 that the IRS gets) has a very strictly defined set of boxes and codes and nothing outside of that can be sent or will be accepted. See here for example. https://www.irs.gov/pub/irs-pdf/fw2.pdf
A medical FSA is not reported anywhere on your W-2 or your tax return. It is up to the trustee of the FSA account to only provide reimbursements when legitimate bills are submitted, and it is up to you the taxpayer to not claim a double deduction by trying to deduct medical expenses that were already paid with tax-free FSA money. (You can be audited of course.)
The effect of failing to report the dependent care FSA in box 10 means that you appear to qualify for the full amount of the dependent care credit. If you enter your expenses in Turbotax, you will get this credit even though it is not allowed.
It might skate through undetected. But if it is detected or if the employer later submits a corrected W-2, you will have pay back the unallowable credit with interest and penalties.
You should contact your employer to get a corrected W-2 that shows the dependent care FSA amount in box 10.
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