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The newly reported value is 85¢ more than the previously reported value. I am guessing this is updating how much is being reported as withheld, though there hasn't been any deduction from my direct deposit checking account. So again, I don't know what to do with this.

It is likely that the amounts were rounded. $0.85 may or may not make $1 difference. Filing and ignoring is a reasonable option.
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The first is a new SA-5498 for my HSA stating that there were $192.75 in contributions for 2021 that were made in 2021. I am guessing these were deductions in the first week of January for my last pay period in December. I'm just not sure what to do with it other than place the document in my 2021 tax folder.

Assuming that you were eligible for an HSA in 2021 and included that amount in your HSA contributions for 2021 on your 2021 tax return, there's not really anything to do. The 5498 is just a confirmation document. You should get the same form for any IRAs that you made contributions to for 2021. If you were ineligible for an HSA in 2021, or contributed more than you should have because you weren't counting that amount, you would have an excess contribution, that you should have documented on your 2021 taxes. If there's an issue because you really meant for that contribution to be part of your 2020 contribution (since you could have made contributions for 2020 until April 15, 2021), then you would need to contact the HSA administrator.

But what is interesting is that I received a W2-C, restating my Social Security withholding from October 2020 apparently due to the 2020 Presidential Memorandum regarding employee payroll tax deferral. The newly reported value is 85¢ more than the previously reported value. I am guessing this is updating how much is being reported as withheld, though there hasn't been any deduction from my direct deposit checking account. So again, I don't know what to do with this.

Additional SS withholding would not impact your income taxes unless there were excess SS tax withheld, in which case, you should get a refund of the excess. Given that the change is less than $1, it's probably nothing that you need to worry about.

AJ
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The newly reported value is 85¢ more than the previously reported value. I am guessing this is updating how much is being reported as withheld, though there hasn't been any deduction from my direct deposit checking account. So again, I don't know what to do with this.

It is likely that the amounts were rounded. $0.85 may or may not make $1 difference. Filing and ignoring is a reasonable option.
Print the post Back To Top