I am having some issues figuring out my wife's HSA (with HSA bank). Specifically, I am wondering if we can deduct what HSA Bank calls "participant" contributions. We called HSA Bank, and the phone rep confirmed that she was the "participant." However, this contradicts what her employer told her - the company said that it would be contributing to the HSA on her behalf. Money showed up in the account, so it appears this is what happened, and we have not added any additional money ourselves.
However, on the "transaction history" section of their website, both of last year's contributions to her HSA (roughly $1000 each, total of $2000) show that they were made by "Participant," but the most recent one for 2016 shows that it was made by "Employer." This makes me think that there is some difference in how the contributions were characterized. Adding to the confusion, Box 12 on her W-2 is completely empty. Additionally, there were also no payroll deductions.
I assume that IRS Form 5498-SA will give me a more definitive answer, but unfortunately HSA Bank does not issue Form 5498-SA until May. What should I do in the meantime? Deduct the $2000 as a participant contribution, assume it was an employer contribution and not deduct it, or file an extension and wait until May for an answer?
I posted this over at Bogleheads but didn't get a satisfactory answer. Apologies for the double post for those of you who frequent both forums.
However, on the "transaction history" section of their website, both of last year's contributions to her HSA (roughly $1000 each, total of $2000) show that they were made by "Participant," but the most recent one for 2016 shows that it was made by "Employer." This makes me think that there is some difference in how the contributions were characterized. Adding to the confusion, Box 12 on her W-2 is completely empty. Additionally, there were also no payroll deductions.
I assume that IRS Form 5498-SA will give me a more definitive answer, but unfortunately HSA Bank does not issue Form 5498-SA until May. What should I do in the meantime? Deduct the $2000 as a participant contribution, assume it was an employer contribution and not deduct it, or file an extension and wait until May for an answer?
I posted this over at Bogleheads but didn't get a satisfactory answer. Apologies for the double post for those of you who frequent both forums.
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