Tax Law (Questions About Taxes)/HSA overcontribution

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Question
This is a follow-up to an earlier msg I sent to you regarding an overcontribution I had to my HSA in 2012.

Well, I took your advice and called my HSA administrator and told them that I accidentally overcontributed $430 to my HSAs in 2012, so they cut a check back to me.

I have already input all my W2 data and HSA data into Turbotax and sure enough, my HSA deduction on page 1 has been reduced from the max $6,250 to $5,820.  Now that I have received that check from my HSA administrator, what do I do?  Report the $430 as income in 2012? Do I need to request another W2 from my employer?

Answer
Trey,

Thanks for your follow up.

Since the HSA deduction has been reduced, you don't need to include it as income.  As I understand it, the correction will appear on a subsequent statement from your HSA administrator.  At this point, you don't need to do anything special.

Hope this helps.

John Stancil, CPA

Tax Law (Questions About Taxes)

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John Stancil, CPA

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I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at www.mybaldcpa.com. I also offer seminars and consultations to churches and clergy on their tax issues at www.churchtaxsolutions.com Also visit my blog, www.thetaxdocspot.com. I am listed on Tax Connections at https://www.taxconnections.com/profile/John-Stancil/12258973 Prepare and file your own taxes at www.1040stancilcpa.com

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I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

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FICPA, NATP, NCPE Fellowship, Lakeland Business Leaders

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The CPA Journal, Florida CPA Today, Green Consumer, Green Business, Global Sustainability as a Business Imperative, Palmetto Review, NATP TaxPro Quarterly, Mustang Journal of Finance and Accounting.

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DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill University

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