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The UPPER-CASE (capital) letters in box 12 report different things to the IRS. Here's a list of what each one means. 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
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5 cze 2024 · If you are not familiar with Box 12, there are currently 26 codes to report certain compensation and benefit amounts. The codes range from life insurance coverage to the amount you contributed to an employee’s adoption expenses.
Read more as we outline the instructions for box 12 on a W-2 form to help you as you compute income tax on your wages, whether they’re from your paycheck, state wages, Medicare wages, Social Security wages, or otherwise.
23 sty 2024 · Wondering what the codes in box 12 of your W-2 mean? TaxAct has a handy table that lists the meaning of all W-2 box 12 letter codes.
29 mar 2024 · A thorough understanding of these codes is essential for ensuring that one's tax return reflects accurate income and deduction figures. Below is a list of the top 25 Box 12 codes found on the Form W-2, showcasing various boxes and codes that impact your financial statements.
New box 12, code II, for Medicaid waiver payments excluded from gross income under Notice 2014-7. There is a new code II for box 12 used to report Medicaid waiver payments not included in box 1 of Form W-2. See Medicaid waiver payments for more information. Form and publication changes for 2024.
According to the W-2 instructions from the IRS, the following list explains the codes shown in box 12 on the W-2: Box 12 Code. Description. A. Uncollected Social Security or RRTA tax on tips.
