This started with my employer omitting my contributions to an HSA. When I enter an updated amount for code W, my fed tax obligation does not change in TT. The difference is $1200 so I certainly should see a difference for a $1200 pretax contribution. Is there an issue with TT?
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Thank you for this insight. What if the amount that our employer entered in box 12, code W is $1000 higher than the amount they subtracted from our Gross Pay in the W2 worksheet on the right side of the W2? Might this be because the employer also contributed $1000 to our HSA that year--would that total number be included in box 12? Or is the discrepancy an error? (The higher number, from Box 12, is the same as the number of "Total Contributions" shown on our 5498-SA.)
"the amount they subtracted from our Gross Pay in the W2 worksheet on the right side of the W2?"
Of course, I do not know what your W-2 worksheet looks like, but let's note that the code W amount in box 12 on your W-2 consists of two things:
If I am reading you correctly, your employer kicked in $1,000 and you kicked in some amount (let's call it $X).
So the code W amount in box 12 is supposed to be the sum of the $1,000 plus the $X. It is done this way because both types of contributions are treated the same way: they (the code W amount) is subtracted from Wages in boxes 1, 3, and 5 on your W-2 before it is printed.
Make sense?
Thank you so much for your time, and for confirming that Box 12b, Code W does reflect both our contributions and our employer's contribution. (And this matches the amount on our 5498-SA form.) But the Code W amount does NOT match the amount deducted from our Gross Pay/Box 1 wages--that amount was $X. Is it ok that the employer contribution amount was not also subtracted from our Wages? (Can I just assume it was never included as part of Wages to begin with, perhaps?)
Yes. It would not be the employer contribution if they deducted out of your wages.
Code W in Box 12 of your W2 indicates that you have an employer-sponsored Health Savings Account and that there was money deposited into your HSA through the payroll system at work. Code W opens up Form 8889, Health Savings Accounts, on your tax return.
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