Somehow, there's been a miscalculation, likely due to an unexpected bonus payment and it appears I will have excess contributions to both my HSA and TSP accounts for 2014.
There is a very slim chance I could prevent this, but our payroll office is unbelievably slow in adjusting deductions, so it's more likely that I'll end up in this situation.
I called the TSP, they said if it goes over, there is a form I need to fill out and they'll withdraw and send me the excess amount - BUT
I have to think there are other impacts/repercussions - will this trigger another IRS form as well?
Thank you, BFG
Excess Contributions
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Excess Contributions
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.
Re: Excess Contributions
I had an excess contribution to my HSA this year. I had to get the excess (and its earnings) sent back to me for a $25 fee. Yes, I will have some more lines on my tax return about this.