When it comes to understanding your HSA contributions on your W2 form, it's essential to know where to look for the pre-tax HSA amount. The pre-tax HSA amount is typically found in Box 12 with the code 'W.' This box specifically indicates the total contributions made to your HSA account on a pre-tax basis.
Contributions made to your HSA account are deducted from your gross income before taxes are calculated, providing you with a tax advantage on those funds.
It's important to keep in mind that not all employers may report HSA contributions on the W2 form, especially if you made post-tax contributions or if your employer does not offer a high-deductible health plan paired with an HSA.
If you're reviewing your W2 form and wondering about your HSA contributions, you need to look closely at Box 12. This box, marked with the code 'W', displays the total amount you've contributed to your Health Savings Account (HSA) on a pre-tax basis, which can significantly impact your taxable income.
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