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Trishala Raj
Mar 9, 2019, 01:46 PM
ATE, can you please explain if code W in box 12 includes employer and employee contrubitions for HSA? Should this amount match Form 5498 SA and what if there is a difference ? Is it taxable?

Thanks,

AtlantaTaxExpert
Mar 9, 2019, 03:37 PM
The Code "W" shows what was contributed by the employee through payroll deductions. The employer match is NOT included.

the amount on the Form 5498-SA shows the fair market value of the account on 31 December 2018.

Trishala Raj
Mar 9, 2019, 03:43 PM
Is the amount in box 12 already included in box 1 wages? If the amount in box 12 code W is different from Form 5498 sa , should the difference be entered anyway?

AtlantaTaxExpert
Mar 9, 2019, 04:16 PM
No.

The Form 5498-SA has NO BEARING on the tax return; it is merely an information return to tell the IRS the year-end value of the HSA.

Trishala Raj
Mar 9, 2019, 08:02 PM
Thank you for your response.

AtlantaTaxExpert
Mar 9, 2019, 08:08 PM
Glad to help!