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Level 2
posted Apr 6, 2021 8:41:41 PM

Is HSA contribution already deducted from w2 box1?

Is the HSA contribution amount already deducted from the w2 box 1 federal wages? (If not how do I deduct it from my total taxable income?)

 

Is the additional 0.9% medicare tax also already deducted from w2 box 1?

 

Are IRA and 401k contributions also already deducted from w2 box 1?

 

Thanks.

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1 Replies
Expert Alumni
Apr 7, 2021 7:04:46 AM

1. HSA contributions (both employer and employee) are already deducted from wages in box 1 of form W-2. They are reported in box 12 with code W. You do not need to deduct them again on your tax return.

 

2. The additional Medicare tax of 0.9% for wages over $200,000 is included in box 6. Medicare wages are not deducted from box 1 as Medicare tax is levied on wages without limit.

 

3. 401(k) contributions are deducted from box 1 and reported in box 12 with code D. IRA contributions do not appear on form W-2. They have to be reported separately in TurboTax.