25 June 2022 19:42

HSA Contributions not listed on W-2

– If the HSA contribution was excluded from the wages shown on the W-2, then they were considered pretax deductions under an employer’s S125 plan and the amount should be included in Box 12W. – If an employee contributes to their HSA using after tax money, then the amount they contributed should not show up in Box 12W.

Are HSA contributions reported on W-2?

Employers must report all employer and employee Health Savings Account (HSA) contributions made through payroll as a single aggregated amount on the employee’s form W-2 in Box 12 using code W.

Why are my HSA contributions not showing up?

If all of the HSA contributions were reported on your W-2, then they were made with pre-tax funds and will not show as a deduction on your return. This is the case whether the employer provided the funds or you provided the funds through payroll deductions.

Do I need to report HSA contributions on my tax return?

Tax reporting is required if you have a Health Savings Account (HSA). You may be required to complete IRS Form 8889. HSA Bank provides you with the information and resources to assist you in completing IRS Form 8889 regarding your HSA.

How do I find my HSA contributions on my W-2?

Usually, your HSA contribution is reported in box 12 of your W-2 with the code W (Company Contributions to Health Savings Account). TurboTax automatically records this amount in the 1099-SA, HSA, MSA section. Code W reports the combined contributions from you and your employer.

Does W-2 Box 1 include HSA contributions?

Your HSA contributions are not subject to Income tax, Social Security Tax, or Medicare Tax; therefore, Boxes 1, 3, & 5 of your W2 have already been reduced by your $5,250 HSA Contributions.

What happens if I don’t report my HSA?

Any contributions above the IRS set limit will be considered as taxable income. If you over contribute to your HSA and don’t correct it, you may be charged a 6% penalty rate each year on the excess that remains in your account. Although funds in your HSA are tax-free, tax penalties may arise.

Is W-2 Box 12 Code W taxable?

The amount with code “W” in box 12 in your W-2 is the sum of the contributions your employer made and that you made through a payroll deduction scheme. However, the IRS, by default, assumes that these contributions are taxable until you complete the form 8889.

What does Box 12 Code W mean on W-2?

W – Employer contributions (including amounts the employee elected to contribute using a Section 125 cafeteria plan) to your health savings account (HSA). (Not included in Box 1, 3, or 5.) Report on Form 8889, Health Savings Accounts (HSAs).

How do I know if I made HSA contributions?

If you still need to know what your contributions are, look to the Form 5498-SA (may not arrive until 5/31/17) or contact your plan’s custodian.

How do I find my employer contributions to my HSA?

Contributions through the Cafeteria Plan, both employer and employee pre-tax payroll deposits, are reported as employer contributions and appear as a single figure in Box 12 of Form W-2. Also, HSA administrators issue Form 5498-SA by May 31.

How do I know if I made personal contributions to HSA?

Form 5498-SA reports contributions for the year
This form provides an accounting of all contributions to your HSA for the tax year, including personal, employer, prior year, and rollover contributions. Form 5498-SA is the “source of truth” we describe above, and is the final say in what was contributed.

What’s the difference between box 1 and box 5 on my W-2?

However, depending on the level and source of income, the amount in these three boxes could be very different. Box 1 includes income subject to federal income tax. Box 3 includes income subject to employee Social Security tax. Box 5 includes income subject to Medicare tax.

Why does my W-2 say my employer contribute to my HSA?

“Your payroll deductions for the HSA account will be shown on your W-2 in Box 12, marked code ‘W’. Because your payroll deductions were taken pretax, they are considered ’employer contributions’ and are to be entered on Line 9 of form 8889.

What is 12b DD on W-2 form?

Box 12 amounts with the code DD signify the total cost of what you and your employer paid for your employer-sponsored health coverage plan. Code DD amounts are for informational purposes only—they don’t affect the numbers in your tax return.

Do I have to report Box 12 dd on my tax return?

Individuals (employees) do not have to report the cost of coverage under an employer-sponsored group health plan that may be shown on their Form W-2, Wage and Tax Statement, in Box 12, using Code DD.

What is Box 12a and 12b on W-2 form?

Box 12 codes
A: Uncollected social security or RRTA tax on tips reported to your employer. AA: Designated Roth contributions under a section 401(k) plan. B: Uncollected Medicare tax on tips reported to your employer (but not Additional Medicare Tax) BB: Designated Roth contributions under a section 403(b) plan.

Is code DD on W-2 deductible?

Unfortunately, the answer to your question is no. The amount shown on your W-2, Box 12, using Code DD, represents the of the cost of pre-tax employer-sponsored health coverage, and is for your information only.

What is Box D on W-2?

Box D: This is a control number that identifies your unique Form W-2 document in your employer’s records. This number is assigned by the company’s payroll processing software. Box E: This identifies your full name. If your name has changed, ask your company to update their records.

What happens if I don’t have a Box D on my W-2?

If your W-2 doesn’t have one, it’s no big deal – you can simply leave it blank. If you get errors when attempting to e-file with an empty Box D, just enter any number in this format: 5 digits, space, 5 digits (for example, 12345 67890).

What is D and DD in box 12?

Code DD is only information to you to tell you how much your employer spend for health coverage – you do nothing with it. Code D is the amount of salary deferrals to a 401(k) plan. You do nothing with than either other than enter it on the W-2 screen in box 12 just like it is on the paper W-2.