Excess Contributions

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Barefootgirl
Posts: 2519
Joined: Tue Oct 06, 2009 7:05 pm

Excess Contributions

Post by Barefootgirl »

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
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livesoft
Posts: 86075
Joined: Thu Mar 01, 2007 7:00 pm

Re: Excess Contributions

Post by livesoft »

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.
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