Rules Affecting Employer Contributions to HSAs and HRAs HSA (2017): Maximum contributions from both the employer and the employee are $3,400 for single employees, or $6,750 for employees with dependents enrolled in their insurance. There’s an additional catch-up contribution of $1,000 for participants age 55 and older.
Where do I enter my HSA contributions in TurboTax?
Enter your own HSA contribution as a personal HSA contribution in the 1099-SA, HSA, MSA section of TurboTax. The contribution will appear on Form 8889 line 2 and the deduction will appear on Form 1040 line 25.
How do I report HSA contributions on my tax return TurboTax?
You must always file a Form 8889 in any year you or an employer contributes money to your HSA or you make withdrawals from the account. The deduction you calculate on Form 8889 is taken on the first page of your income tax return.
Where are my HSA contributions reported on W-2?
To report your HSA contributions on your tax return, you will need a copy of your W-2 for the total pretax contributions made by you through payroll or by your employer. This can be found in box 12, code W of your W-2.
Is the tax deduction for HSA included in TurboTax?
This deduction/contribution is a number that I didn’t enter into TurboTax. Per the IRS, Form W-2 Box 12 Code W reports employer contributions to an employee’s HSA. However, my employer included both the employer and employee contributions in 2018.
Where do I put my employer contribution on TurboTax?
Regardless, when completing my tax return online, TurboTax asks for the amount in Box 12 Code W. It then asks for the employee contribution amount that makes up the total contribution amount. Is the difference what should appear on Form 1040 Line 25 and Form 8889 Line 2 since Form 8889 Line 9 asks for the employer contribution separately?
What’s the maximum amount an employer can contribute to an HSA?
For both Health Savings Accounts and Health Reimbursement Arrangements, caps are in place regarding contributions. An HSA has a maximum contribution of $3,400 from both the employee and the employer for single employees.
Where do I enter my HSA contribution code?
In most cases, your HSA contribution is reported in Box 12 of your W-2 with the code W (Company Contributions to Health Savings Account). Tip: Code W actually reports the combined contribution – yours plus your employer’s. So if you contributed $1,500 to your HSA and your employer matched it dollar for dollar, Box 12 on your W-2 would show …
