One particularly detailed area is box On the W-2 form , box 12 has a number of sub-categories ranging from A to HH. Long story short, the W-2 box 12 codes provide more information and determine if the amount is income. Each W-2 Form box 12 code is either a single or double letter code. With our tax pro review , you can gather your docs and let your tax pro do the rest.
Just review and approve your return. And, you can meet in a way that works for you — in an office, via chat, phone, or video. If you need more help understanding box 12 codes — as well as other W-2 box codes, let us help.
Our tax pros are on-call to support you with any tax question. In some cases, the IRS may propose changes to your tax return. Do you need to file estimated taxes each quarter? Nearing age 70? You might need to withdraw from your retirement plan soon. An assessment is the recording of your tax liability by the IRS. It is done when you file or when the IRS proposes additional tax owed.
This link is to make the transition more convenient for you. You should know that we do not endorse or guarantee any products or services you may view on other sites. Tax information center : IRS : Forms. What is W-2 box 12? B — Uncollected Medicare tax on tips. Information only. Now, back to what the codes on Box 12 on your W-2 mean. Here we go A and B: Uncollected social security and Medicare tax on tips.
This amount represents the social security and Medicare tax on the tips you reported to your employer. There will be an amount here if your employer didn't withhold social security or Medicare taxes on these tips. If you have one of these codes on your W-2, you cannot file a Form EZ. C: Taxable cost of group-term life insurance.
The amount is also reported in Boxes 1, 3 and 5 of your W-2 and appears in Box 12 for your information only. D, E, F, G, S , and H : These codes give you information about contributions to your retirement plan at work, and they are for your information only:.
D: k plan - Elective deferrals to a section k cash or deferred arrangement. E: b plan - Elective deferrals under a section b salary reduction agreement. F: k 6 plan - Elective deferrals under a section k 6 salary reduction SEP. G: b plan - Elective deferrals and employer contributions including nonelective deferrals to a section b deferred compensation plan. H: c 18 D plan - Elective deferrals to a section c 18 D tax-exempt organization plan. J: Nontaxable sick pay information only, not included in boxes 1, 3, or 5.
Workers with this code on their W-2 you cannot file a Form EZ. L: Substantiated employee business expense reimbursements nontaxable. This amount is for expenses that the employer reimbursed the employee for business expenses that were paid out of the employee's own pocket and the amount reimbursed is greater than the amount actually spent.
This amount isn't included in income in Box 1, so the employee cannot deduct any of the expenses related to this reimbursement. M and N: Uncollected social security and Medicare tax on group-term life insurance. The amount of the excess premiums are included in Box 1 of Form W-2, so employee pays income tax on them when filing tax return. Armed Forces and not included in boxes 1, 3, or 5.
Nontaxable combat pay. Employer contributions to an Archer medical savings account MSA. Any adoption benefits paid to you by your employer. Use Form to calculate any taxable and nontaxable amounts. Employer contributions to your HSA. You must report this amount on Form Income received under a nonqualified deferred compensation plan that fails to satisfy Section A. Your wages reported in Box 1 of Form W-2 also includes this amount. Income from qualified equity grants under section 83 i.
Most employees only see a few codes in Box Some of the most common ones are Code D for contributions to a k plan and Code DD for the cost of employer-sponsored health care.
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