I somehow managed to overcontribute by $8 in Tax Year 2023 ($1,800 from employer and $5,408 from self). There is enough cash in my HSA account itself to withdraw $8, so that I don't think I would need to be concerned with earnings generated by that $8.
I would like some clarification on the various taxes owed. First is the relevant federal and state taxes. As the $8 overcontribution was not originally subject to federal and state taxes, I think I need to pay taxes on this.
What is less clear is the implications on FICA taxes and whether an additional payment is needed. If it is, to whom do I write a check and what form do I use? Do I need another W2 as well?
Many thanks in advance
I would like some clarification on the various taxes owed. First is the relevant federal and state taxes. As the $8 overcontribution was not originally subject to federal and state taxes, I think I need to pay taxes on this.
What is less clear is the implications on FICA taxes and whether an additional payment is needed. If it is, to whom do I write a check and what form do I use? Do I need another W2 as well?
Many thanks in advance
Statistics: Posted by InvisibleAerobar — Thu Feb 22, 2024 1:42 pm — Replies 0 — Views 8