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    Trishala Raj's Avatar
    Trishala Raj Posts: 73, Reputation: 1
    Junior Member
     
    #1

    Mar 9, 2019, 01:46 PM
    HSA
    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's Avatar
    AtlantaTaxExpert Posts: 21,778, Reputation: 846
    Senior Tax Expert
     
    #2

    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's Avatar
    Trishala Raj Posts: 73, Reputation: 1
    Junior Member
     
    #3

    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's Avatar
    AtlantaTaxExpert Posts: 21,778, Reputation: 846
    Senior Tax Expert
     
    #4

    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's Avatar
    Trishala Raj Posts: 73, Reputation: 1
    Junior Member
     
    #5

    Mar 9, 2019, 08:02 PM
    Thank you for your response.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,778, Reputation: 846
    Senior Tax Expert
     
    #6

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

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