Today TaxMama® hears from Paul in the TaxQuips Forum, who says. “On my W-2 why does Code W say “Employer contribution to HSA” when it is the employee who made the contributions?
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Dear Paul,
We get an answer from Susan Holtgrefe, EA of Erie Tax Prep. She says that Paul has found a prime example of IRS speak that makes you wonder what planet they came from.
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According to the expanded W-2 instructions:
Code W—Employer contributions to a health savings account (HSA). Show any employer contributions (including amounts the employee elected to contribute using a section 125 (cafeteria) plan to an HSA.
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So yes, that is your $.
TaxMama adds that this code W tells the IRS that you did not pay tax on that money.
You made the contribution using funds from your cafeteria plan.
Great question. You can never be too careful when it comes to your money.
And remember, you can find answers to all kinds of questions about payroll deductions, W-2s, and other tax and business issues, free. Where? Where else? At www.TaxMama.com.
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From my experience, Code W monies are deducted from box 1 on the W-2, so the HSA is being funded with pre-tax money, and therefore not deductible as an adjustment on the 1040.