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Quickbooks Support Helps You in Setting up a Health Savings Account with Quickbooks.

In this article you’ll learn about setting up a health savings account in QuickBooks. You can contact QuickBooks support to know more about the topic.

A health savings account (HSA) is taxable or pretax money which can be used by an employee for out-of-pocket medical expenses. An employee can set up an HSA only if they satisfy all federal requirements, for example- participating in a High Deductible Health Plan (HDHP).

How to set up employee HSA contribution with the help of QuickBooks support?

QuickBooks online payroll for accountant

First of all, you need to click on Employees; the list of employees will appear from the list select the employee’s name. Now in the Deductions and contributions section select edit. Add a deduction in deductions for benefits. After adding a deduction click on New Deduction a category drop-down will appear from there select HSA plans. In the type drop down select either of the two options, Pretax HSA or Taxable HAS. After select the type you need to add a description and also write the amount per period. Then click on Save to save all the details and then on OK to complete the process.

QuickBooks online payroll

Select workers from the left side pane menu. Then click on employees and from the employees list select the name of the employee. Now select the edit icon present beside the Pay option. Select Deductions/contributions, then New deductions/contributions and then HSA plans. In the next step select the type of HSA pretax or taxable HSA. Add a description and the amount per period and click on OK.

How to set up company HSA contribution?

Payroll for accountants

Click on Employees and then select the employees name from the list of employees. Now move to the Pay section and then click on Edit.  From the heading what additional ways do you pay employee? You need to select all pay types.  Click on company HSA contribution and enter the amount and then click on OK.  In case your amount varies do not enter any amount and leave the box blank and enter it later.

QuickBooks online payroll

Select workers from the left pane menu and click on employees.  Now from the employees list select the employee’s name. Besides the pay option you will find the Edit option in section 3 click on it. You can also expand the section; expand the section that says even more ways to pay… Now select Company HSA contribution and then click on OK.

Some facts about HSA contributions and W-2 forms

  1. The W-2 shows the total of the two amounts if the employee has both an employee deducted account and a company contributed HSA, Box12 on form.
  2. The company’s contributions to an employee’s HSA are only reported in Box 12 and not in federal wages and most state wages, in the W-2 forms. The total contribution of company in HSA for the year is reported in box 12 of the employee’s W-2 with a code W.
  3. In case your contributions are taxable at the local or state level, the amount is including in taxable state wages or local wages.
  4. The company’s HSA contribution amount is not added to the employee’s net pay. Employers need to deposit the contribution with the HSA provider.

Setting up Deductions and Contributions on your Payroll

  • You first need to set deductions and contributions to your payroll before you add them .
  • Click on the Gear icon and then select Payroll Settings.
  • Click on Pay Schedules.
  • Select Deductions or Contributions depending upon what you need to set up.
  • Click on Add a New Deduction or Add a New Contribution.
  • Choose Health Insurance from the drop down menu. Also select Retirement Plans, Non-cash taxable benefits or Other Deductions.
  • Enter the proper information on the basis of deduction and contribution:
  • Enter a description for the deduction for the contribution in case of Other Deductions.
  • Enter the provider information in case you are selecting Health Insurance or Retirement Plans .
  • Click on benefit type in in case of the sub-menu Non cash taxable benefits.
  • Click on OK once everything is done.

Adding deductions and contributions

For New employee

  • In the Employees section click on Add an employee.
  • Fill in the sections from 1- 4 and select Edit. Now, click on next to section #5 Pay.
  • Click on the Edit pencil present next to Does this employee have any deductions and the select a type of Deduction or contribution from the dropdown list. In case you want to create one, click on new deduction/contribution.
  • Select the Type or sub-category for the deduction or contribution.
  • Enter the name of the Provider in the box given. This way the deduction/contribution shows up on the paycheque or pay stub of the employee.
  • Now, enter the Employee deduction & Company-paid contribution amount on the basis of per pay period.
  • Click on OK.

For Existing employee

  • In the Employees section select the employee you wish to edit.
  • Click on Edit next to Pay.
  • Now, click on edit next to Does this employee have any deductions?
  • Click on the Edit pencil present next to Does this employee have any deductions and the select a  type of Deduction or contribution  from the dropdown list. In case you want to create one, click on new deduction/contribution.
  • Select the Type or sub-category for the deduction or contribution.
  • Enter the name of the Provider in the box given. This way the deduction/contribution shows up on the paycheque or pay stub of the employee.
  • Now, enter the Employee deduction & Company-paid contribution amount on the basis of per pay period.
  • Click on OK.

To know more on how to set up a health savings account in QuickBooks desktop, call on our QuickBooks Support Number. You can also write to us at support@quickbooksupport.net . For more information visit, www.quickbooksupport.net.

134 thoughts on “Quickbooks Support Helps You in Setting up a Health Savings Account with Quickbooks.”

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