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Discrepancy: W-2 vs. 5498 HSA contribution amount


Guest MSDalt
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In 2009 I maxed out my HSA. This is reflected accurately on my 2009 W-2. My final contribution for 2009 arrived at the custodian in 2010 and they are attributing it to 2010. As such, my Form 5498-SA from the custodian shows my 2009 contributions to be less than the amount on my W-2.

I plan to max out again in 2010 and am concerned that this will throw me over the 2010 contribution limit due to 2009's final contribution which has been misapplied to 2010.

Am I worrying unnecessarily? Which of the two forms does IRS use to determine my 2009 contribution amount?

Thanks,

Michael

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Michael,

If the check was received in 2010, the trustee/custodian is required to treat it as a 2010 contribution. That being said, a 2009 postmarked envelope, however, may be logged in as a 2009 contribution in accordance with the trustee/custodian's policy (?). This is allowed. If you indicated on the check that it was a "2009 contribution," the trustee would likely correct the reports.

Yes, you might be headed into an excess HSA contribution problem. Hope this helps.

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Michael,

If the check was received in 2010, the trustee/custodian is required to treat it as a 2010 contribution. That being said, a 2009 postmarked envelope, however, may be logged in as a 2009 contribution in accordance with the trustee/custodian's policy (?). This is allowed. If you indicated on the check that it was a "2009 contribution," the trustee would likely correct the reports.

Yes, you might be headed into an excess HSA contribution problem. Hope this helps.

Gary,

Thanks for the near-instantaneous reply. The contribution was actually made by payroll deduction. It appears that my last contribution each year will carry over to the next year. It may take years for a problem to result in terms of over-contribution.

Gratefully,

Michael

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