What does line 12a on W-2 mean?
Uncollected Social Security
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 12a 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 W2 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.
Do I have to enter box 12 on my 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.
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.
What is Box 12a code C on W-2?
Box 12 with a code c is the taxable cost of group-term insurance over $50,000. If you had group term life insurance through your workplace, the premiums for any value over $50,000 become taxable income to you and are included in box 12. Enter your W-2 form with the box 12 code C in your tax return.
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 box 4 on W2?
Box 4 on your w-2 is the Social Security Taxes withheld and does not get reported on the 1040. Wages and Tips and Federal Taxes withheld are the main numbers that get reported on the 1040. Ask Your Own Tax Question.
What box on W2 is taxable income?
Box 1 of Form W-2 is used to report the total federally taxable income earned during the year. Box 1 of Form W-2 is used to report federally taxable income. Total the amount of earned income that the employee received during the year. This income includes wages, tips and commissions.
What is D on Box 12 W2?
The boxes/codes D to H in box 12 of your W2 form gives you information regarding your employer`s contributions to your retirement plan at work.