Question

How to correct HSA contributions in TurboTax ?

Forum|Forum|1 year ago
January 19, 2025
2 replies
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My W2 has box 12 with code W and an amount $8300. Code W implies it's employer contributions but my employer only contributed $2000 and my contributions in 2024 were $6300. I did not over contribute to the HSA. I want to properly account for the $2000 being employer contributions and $6300 as employee contributions. How do I correct this in TurboTax ?

rjs

It is correct as-is. HSA contributions that are taken out of your pay are considered employer contributions. There is nothing that you have to correct.

The maximum contribution for 2024, if you had family health coverage, is $8,300. That maximum applies to the total contributed by you, your employer, and anyone else. It doesn't matter how much of the $8,300 came from you or from your employer.

C

craigborchard

If you are 55 or older, the IRS allows an additional $1000 on top of the normal contribution. However, Turbotax informs me that the amount over $8300 is an excess contribution. How do I get this fixed in my tax return? I don't want to pay taxes on the amount that Turbotax claims is excess, when it is not.

D

dmertz

You had to be age 55 or over at the end of 2024 to qualify for the $1,000 catch-up contribution to your HSA for 2024.

D

dmertz

Also make sure that you do not enter the $6,300 as a personal contribution. In TurboTax, personal contributions are those deposits that you make directly to the HSA, not through your employer.