Client has Code W (HSA contribution by employer) on W-2 = $7552
Thus Excess contribution = 7552-6150 = 1105.
Client will withdraw $1105 soon. So he does not pay penalty but it still shows on line 21 as other income ($1105). Does this sound right?
Or do I need to do something on 8809 form?
Thanks!
Thus Excess contribution = 7552-6150 = 1105.
Client will withdraw $1105 soon. So he does not pay penalty but it still shows on line 21 as other income ($1105). Does this sound right?
Or do I need to do something on 8809 form?
Thanks!
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