My understanding is that post 55, both TP and SP under a "family plan", are entitled to $1,000 catch-up contribution. If one sp fully ($ 7,000 + $1,000 (catchup) = $ 8,000). funds HSA.
Second SP can fund $1,000 catch-up, as long as its in a separate HSA.
Therefore the real-world client calculation below.
TP...
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HSA in year of medicare enrollment for TP (MFJ)
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S Corp HSA
The S corp paid for the single shareholder's HSA contribution of $5,000 for 2018. The HSA was not included on her W2 for total wages and also not included in box 12. My question is, can the S Corp take this deduction and can they take the deduction on the employee benefits line? And, also, I'm assuming the shareholder doesn't report any contributions... -
Correcting an excess contribution to a 2012 HSA
New client comes in with a copy of last year's tax return and an IRS letter. As I am preparing the amended return (for totally different issues, not involved here), I see the original return has an additional tax from form 5329 going back to 2012. The 2012 return shows the taxpayer and employer contributed $6999 when only $6250 for family was allowed.... -
W-2 Box 12 Code W
Should box 12 include both employer and employee contributions to an HSA (under a cafeteria plan)? If so, since employee contributions only are deductible on the employee's 1040, how will the employee know the correct amount of his deduction to use on his 1040?
Thanks
Sandy