Think I overfunded my HSA

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meadowrue
Posts: 684
Joined: Wed May 04, 2022 3:55 pm

Think I overfunded my HSA

Post by meadowrue »

I switched employers mid-year and thought I had done some excellent math determining how much I had already contributed to my HSA and how much I could contribute to my new employer’s HSA to ultimately max it out for the year. Turns out I might not be so good at math :oops:

I still need to double check but I think I might have overfunded my HSA (across both accounts) by a total of around $900. What’s confusing is that I closed account A in June and transferred the funds to account B. But only account B (current custodian) sent me a tax form confirming total contributions in 2023. Can I ask the old custodian for a tax form too? I’m relying on old pay stubs from my previous employer to do my current math and I might be wrong again! Much easier to have the official contribution amount from the HSA custodian.

If I did indeed over-contribute, what should I do now? Would the over contribution be attributed to account A or account B?! Will I receive a check from one of them, with taxes taken out? Help, I’m so lost and I really loathe taxes!
“We must free ourselves of the hope that the sea will ever rest. We must learn to sail in high winds.”—Aristotle Onassis
Impatience
Posts: 721
Joined: Thu Jul 23, 2020 3:15 pm

Re: Think I overfunded my HSA

Post by Impatience »

Your contributions should be noted on your W-2s. Most tax software will notice an over contribution and tell you exactly what you need to do to correct it (pay the taxes owed when you file your return and withdraw the over contribution along with any gains).
Topic Author
meadowrue
Posts: 684
Joined: Wed May 04, 2022 3:55 pm

Re: Think I overfunded my HSA

Post by meadowrue »

Impatience wrote: Sun Feb 11, 2024 11:38 pm Your contributions should be noted on your W-2s. Most tax software will notice an over contribution and tell you exactly what you need to do to correct it (pay the taxes owed when you file your return and withdraw the over contribution along with any gains).
Thanks. I will check my W2s. How would I withdraw the contribution? I have reimbursed myself from my HSA before but never withdrawn an excess contribution.
“We must free ourselves of the hope that the sea will ever rest. We must learn to sail in high winds.”—Aristotle Onassis
Topic Author
meadowrue
Posts: 684
Joined: Wed May 04, 2022 3:55 pm

Re: Think I overfunded my HSA

Post by meadowrue »

Impatience wrote: Sun Feb 11, 2024 11:38 pm Your contributions should be noted on your W-2s. Most tax software will notice an over contribution and tell you exactly what you need to do to correct it (pay the taxes owed when you file your return and withdraw the over contribution along with any gains).
On your W-2, am I correct that it shows all contributions (from both myself and my employer)? In that case, I might have calculated this just right!
“We must free ourselves of the hope that the sea will ever rest. We must learn to sail in high winds.”—Aristotle Onassis
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