Correcting overcontribution to HSA in TaxAct

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williamskent
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Joined: Sun Jan 08, 2012 10:11 am

Correcting overcontribution to HSA in TaxAct

Post by williamskent »

Hello BH Community,

My wife and I contributed $450 more than the allowable family limit of $7300 to our employer-sponsored HSA plans in 2022. I've since withdrawn the excess amount from my HSA custodian but have not received a 1099SA showing the withdrawal. Our W2s together provide the total HSA contributions with surplus amount. Does anyone know how to provide the corrected HSA contribution amount ($7300) on our tax return using TaxAct software? I've been advised by TaxAct not to manually correct the amounts shown on our W2s.

Thank you in advance for your input.
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LadyGeek
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Re: Correcting overcontribution to HSA in TaxAct

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (tax filing question).
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plsgoobs
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Joined: Sat May 29, 2021 2:47 pm

Re: Correcting overcontribution to HSA in TaxAct

Post by plsgoobs »

Following.

We're going through this right now and as far as we can tell, my wife's employer (HR) says they're reversing the deposit and refunding it via payroll, but they haven't provided an answer to whether we will have a corrected W-2 or not.
aristotelian
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Re: Correcting overcontribution to HSA in TaxAct

Post by aristotelian »

I am pretty sure when you receive a return of contribution you report it in the year you received it. If you corrected it after Dec 31 but before April 14, I am guessing you will report the 1099-SA with next year's taxes.

If you leave your W2 as is for now, what options does Tax Act give you? I agree, you should not manually correct the W2 because it sounds like you got a return of contribution from your custodian.
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