What is Box 12 on tax return?
The W-2 box 12 codes are: A – Uncollected Social Security tax or Railroad Retirement Tax Act (RRTA) tax on tips. Include this tax on Form 1040 Schedule 2, line 13. B – Uncollected Medicare tax on tips.
What do Box 12 codes mean on W-2?
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)
What is Box 12 on W-2 C?
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.
Can you claim Box 12 D?
Cost of Employer-Sponsored Health Coverage (if such cost is provided by the employer) The reporting in box 12, using code DD, of the cost of employer-sponsored health coverage is for your information only. The amount reported with code DD is not taxable.
Is Box 12 Code W required?
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.
What does DD mean on taxes?
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.
Do I have to report Box 12 on my tax return?
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.
How does Box 12 Code W affect taxes?
Code W in Box 12 of your W2 indicates that you have an employer-sponsored Health Savings Account and that there was money deposited into your HSA through the payroll system at work. Code W opens up Form 8889, Health Savings Accounts, on your tax return.
Is Box 12 code DD required?
Do I have to report Box 12?
What do the codes mean in Box 12 of my W-2?
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. However, if any amount is gross income, it’s already included in W-2 Box 1.
How does box 12 affect your taxes?
Your contribution was pretax, so your contribution goes in Box 12 to keep you from getting another break. Your employer’s contribution was not taxable to you, so it also goes in Box 12, to, again, keep you from getting another break on the same money. You paid no taxes on either category of contributions. So you don’t get another break.
What is box 12 on a tax form?
There are several types of compensation and benefits that can be reported in Box 12 of Form W-2. Box 12 will report a single letter or double letter code followed by a dollar amount. The following list explains the codes shown in Box 12 of Form W-2. You may need this information to complete the tax return.
What is the form W2 box 12 codes mean?
Box A: Your Social Security number appears here.