What does W mean in Box 12b?

W – Employer contributions (including amounts the employee elected to contribute using a Section 125 cafeteria plan) to your health savings account (HSA).

Is Code W in Box 12 taxable?

However, any amounts listed in Box 12W reflects amounts for which an employee's taxable wages have already been reduced (saving the employee from taxes once already). This tax savings was accomplished because technically the employee elected to contribute to their HSA under an employer's Section 125 plan.

What does W in Box 12b mean on W-2?

W: Employer contributions to a health savings account (HSA). Z: Income under a nonqualified deferred compensation plan that fails to satisfy Section 409A. This amount is included in Box 1. DD: Cost of employer-sponsored health care.

What is W and DD in Box 12?

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 is 12a 12b and 12c on W-2?

Your W-2 has four Box 12 lines, labeled 12a, 12b, 12c, and 12d. These lower-case letters are just line labels and have no meaning.

How does Box 12 dd affect taxes?

What is code W in Box 14?

Box 14 is used to report amounts that don't belong in other boxes on Form W-2. Employers can use it to report additional tax or income information for filing or informational purposes. Some employers use box 14 to report amounts deducted for State Disability Insurance taxes or union dues that may be tax deductible.

What is Form W-2 Box 12 with a code DD?

Health Insurance Cost on W-2 - Code DD

Many employers are required to report the cost of an employee's health care benefits in Box 12 of Form W-2, using Code DD to identify the amount. This amount is reported for informational purposes only and is NOT taxable.

What does Form W-2 Box 12 with a code DD include an amount?

Box 12 amounts with the code DD signify the total cost of what you and your employer paid for your employer-sponsored health coverage plan. Code DD amounts are for informational purposes only—they don't affect the numbers in your tax return.

What is Form W-2 Box 12 Code DD used to report?

The aggregate value to employees of coverage must be reported in Box 12, Code DD of employees' Form W-2. The cost of health coverage is not taxable and the reporting is intended to provide employees information about health care costs.

What are the codes for W-2 Box 12?

How to fill out box 12 for W-2?

There is a vertical line dividing each section of Box 12. The code goes on the left of the vertical line, and the dollar amount goes on the right of the line. For example, if your employee deferred a total of $1200.00 to their 401(k) plan, you would enter D | 1200.00 in Box 12.

What does W-2 box mean?

Box A: Your Social Security number appears here. Box B: This is your employer's unique tax identification number or EIN. Box C: This identifies the name, address, city, state and zip code of your employer. The address may show your company's headquarters rather than its local address.

Should Box 12 W include employee contribution?

Employers must report all employer and employee Health Savings Account (HSA) contributions made through payroll as a single aggregated amount on the employee's form W-2 in Box 12 using code W.

Why is my HSA contribution not on W-2?

While employer contributions to an HSA may be excluded from the employee's income, all employer contributions, including those made by the employee through a cafeteria plan, must be reported in box 12 of the employee's W-2.

Can box 12 be empty on W-2?

If Box 12 on your W-2 is empty, don't enter anything for Box 12. If you have more than one item showing for Box 12 on your W-2, enter each item on a separate line. The following list explains the codes shown in W-2 Box 12. A - Uncollected social security or RRTA tax on tips.

What is Form W-2 DD code?

Reporting on the Form W-2

Employers that are subject to this requirement should report the value of the health care coverage in Box 12 of the Form W-2PDF, with Code DD to identify the amount. There is no reporting on the Form W-3 of the total of these amounts for all the employer's employees.

How does box 14 on W-2 affect taxes?

In most cases, the information that your employer lists in Box 14 of your W-2 does not affect your income tax return. In fact, for many Box 14 entries, the IRS does not even provide a place for it to get reported on your return forms.

What is Box 13 Code W?

Box 13, code "W" may represent a variety of deductions and the partnership should provide details regarding the reported amounts. If the amount is a Section 754 adjustment, verify that the amount in Box 13, code "W" has not already been included in your K-1 income (box 1 or 2).

How do you read a W-2 form?

Understanding the W-2

The left side of the form reports the personal information of the taxpayer such as social security number, employer EIN, and employer address. The right side of the form reports employee earnings and federal tax information. The bottom of the form reports state and local tax information.

What is line 12b on a 1040?

Line 12b on the Form 1040 is for charitable contributions when a taxpayer is taking the standard deduction. A taxpayer with a filing status of single, is allowed to deduct up to $300 (in cash only, no non-cash charitable deductions) as a charitable contribution.

What box is 401k on W-2?

Your elective contributions may also be limited based on the terms of your 401(k) plan and are reported as an information item in box 12 of your Form W-2. Refer to Publication 525, Taxable and Nontaxable Income for more information about elective contributions.

What does W-2 Box 13 mean?

Form W-2, Box 13

The "Retirement plan" indicator in Box 13 shows whether an employee is an active participant in your company's plan.

What do I put for Box 14 category?

What is the difference between W-2 and W?

Let's break it down! But basically, a W4 is a form you submit to your employer that sets up how much is withheld from your paycheck. A W2 is issued by your employer in January and reports what you earned to both the IRS and you (so you can file your taxes).