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What does line 12a on W-2 mean?
The W-2 box 12 codes are: A — Uncollected Social Security or RRTA tax on tips. Include this tax on Form 1040 Schedule 2, line 8, check box c and identify as “UT”. C — Taxable costs of group-term life insurance over $50,000 (included in W-2 boxes 1,3 (up to Social Security wages base), and box 5). Information only.
What do you do with box 12a on your W-2?
Any amount on a box 12 line will also have an upper-case (capital) letter code associated with it. (If there aren’t any capital letter codes in box 12, skip it and move on to box 13.) In each box 12 line, select the capital letter code from the drop-down list and enter the corresponding amount.
What does 12a mean on tax return?
Line 12a reports the total amount of the distribution and line 12b reports the taxable portion, if any. Next to line 12b, write “rollover.” If you’re rolling the money from one tax-deferred account to another, such as from a 401(k) to another 401(k) or traditional IRA, the entire rollover is tax-free.
Do I have to report Box 12 D on my tax return?
Individuals (employees) do not have to report the cost of coverage under an employer-sponsored group health plan that may be shown on their Form W-2, Wage and Tax Statement, in Box 12, using Code DD. This reporting is for informational purposes only, to show employees the value of their health care benefits.
Does my W-2 show how much I paid for health insurance?
Your health insurance premiums paid will be listed in box 12 of Form W2 with code DD.
What is 12a 12b and 12c on W-2?
The lines labeled 12a, 12b, 12c, and 12d (sometimes listed as 12a-d) on your W-2 are just line labels, not codes. Don’t enter these line labels. For example, if you see “D” on line 12a, enter “D” in TurboTax, not “a”. And if line 12a is blank, don’t enter anything.
Do I have to put Box 12 on my taxes?
What is a form 8814?
Form 8814 – Parents’ Election to Report Child’s Interest and Dividends. Use this form if the parent elects to report their child’s income. If income is reported on a parent’s return, the child doesn’t have to file a return.
What is a 408 P simple retirement plan?
The easiest of this group is the 408(p) SIMPLE plan. It establishes individual retirement accounts for your employees to contribute money to via payroll contributions. These contributions may include an employer match up to 3% or a flat rate contribution by the employer of 2% of compensation.
Is W-2 Box 12 dd deductible?
The amount shown on your W-2, Box 12, using Code DD, represents the of the cost of pre-tax employer-sponsored health coverage, and is for your information only. The amount reported with Code DD is not taxable, but neither can it be claimed as a tax deduction (medical expense) by an individual taxpayer.
Can I skip Box 12 on W-2?
No – While it’s important to enter all the information on your W-2, you don’t need to file an amended return. The items listed in Box 12 of your W-2 are informational and are covered elsewhere on the form.
Do you have to report Box 12 on W-2?
The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan on an employee’s Form W-2, Wage and Tax Statement, in Box 12, using Code DD.
What does W code mean on W2?
The amount with code “W” in box 12 of your W-2 is the sum of the amounts that your employer contributed to your HSA AND that you contributed through a payroll deduction scheme. If either you or your employer made contributions to your HSA (as the copy printed at home would seem to indicate), then the W-2 that you received in the mail is incorrect.
What is D on W 2?
Box A: Your Social Security number appears here.
What does box 12 mean on W2?
When you get your W-2, you might notice some new information on the form. Box 12 is where employers will report the cost of your workplace`s group health insurance coverage. This amount is both the amount the business pays as well as the premiums paid via payroll deductions by the workers.
What is 12B DD on W2 form?
What does box 12b DD mean. The code DD for Box 12 on your W-2 is in the drop-down list after code D (the seventh item down the list). If you have other lines in Box 12 to add, be sure to click the blue + Add Another Row link to be able to enter everything from your W-2. As user ScottT stated, the information reported in Box 12 for Code DD should have no effect on your return if entered with the correct code.