What code do I use for Box 12 on W-2?
W-2, Box 12 Codes
| Box 12 Code | Description |
|---|---|
| AA | Designated Roth contributions under a section 401(k) plan |
| BB | Designated Roth contributions under a section 403(b) plan |
| DD | Cost of employer-sponsored health coverage |
| EE | Designated Roth contributions under a governmental section 457(b) plan |
Do you have to include Box 12 on W-2?
You must report the cost of employer-sponsored health coverage in box 12 using code DD. However, transitional relief applies to certain employers and certain types of plans. For more information, see Box 12—Codes for Code DD—Cost of employer-sponsored health coverage.
What do the box 12 codes mean?
Box 12 codes A: Uncollected social security or RRTA tax on tips reported to your employer. AA: Designated Roth contributions under a section 401(k) plan. B: Uncollected Medicare tax on tips reported to your employer (but not Additional Medicare Tax) BB: Designated Roth contributions under a section 403(b) plan.
What does D mean on W-2?
D : Contributions to your 401(k) plan. DD: Cost of employer-sponsored health coverage. More info. E: Contributions to your 403(b) plan. EE: Designated Roth contributions under a governmental section 457(b) plan.
What if there is no code in box 12?
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.). If box 12 on your w-2 is blank, leave it blank in the Turbotax data entry form.
Does your 401k contribution show on W-2?
401(k) contributions are recorded in box 12 of the W-2 tax form, under the letter code “D”.
Are employer 401k contributions reported on W-2?
Employer contributions to 401(a) or 401(k) plans are exempt from federal income tax, so they should not be reported on the Form W-2.
Is 401k Box 12?
Code D, along with the total amount of an employee’s pretax contributions into a 401(k) plan, is entered in Box 12. To report $4,000 in pretax 401(k) contributions made last year, enter the following in Box 12: D 4000.00. The total amount reported with Code D includes amounts exceeding the pretax contribution limit.
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 the code for Box 12 on W2?
A: Uncollected social security or RRTA tax on tips reported to your employer
What do the letter codes in Box 12 of my W-2 mean?
Each W2 Form box 12 code is either a single or double letter code. The W2 Box 12 codes are: A — Uncollected Social Security or RRTA tax on tips. 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.
What does box 12 code “W” on my W2 mean?
– Type 1099-sa in Search in the upper right – Select Jump to 1099-sa – Click Edit on Your HSA summary – On Tell us about the health-related accounts you had in 2020 select Health Savings Account (HSA) – Answer all the questions. – When you are done, TurboTax should take you back to the HSA summary and your Box 12W contributions will not be included in income.