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HSA (Health Savings Accounts) Contributions

HSA contributions are modeled based on how contributions were made: via payroll deduction or directly to the HSA.

For W-2 employees who contribute to an HSA via payroll deductions

  • The contribution amount is entered on the Wages Worksheet as "Pre-tax Deductions to Section 125 plans and Other Pre-tax deductions Not Subject to FICA"

You can use the calculation rows in a Field Note to differentiate an HSA Contribution from other Pre-tax deductions modeled in this field.

This can also be modeled within the Income Annualizer as "Pre-tax Deductions Not Subject to FICA".

 

If an individual contributes directly to the HSA (not via payroll deduction)

  • The contribution amount is modeled on the "HSA Deduction" line within the "Schedule 1 Deductions (Above the Line)" tab

Caution: If an amount above the maximum contribution limit is entered, this field will show a red warning indicating excess limitation. This maximum does not coordinate with any amount entered into the Wages Worksheet as a payroll deduction, so be cautious if a portion is contributed via payroll and the individual does a separate direct contribution.

 

Where can I see how much was contributed to an HSA on a tax return?

To view how much a client has contributed to their HSA in a prior year, review the Tax Reports "Observations" section. If the client made any contributions either via payroll or directly, they will appear in the following observation below: