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Unlock the mysteries of W-2 box 14 codes! Discover what employers can report in this catch-all section of your Form W-2 and learn hidden tax secrets today.
If you are a Military Service member or Federal civilian employee, your W-2 may contain codes and dollar numbers in Box 14. You will need to interpret them to enter them into your return. Here are the meanings to assist you.
Box 14 of the W-2 form is designated for additional tax information that doesn’t fit into the other boxes on the form. This box serves as a catch-all for various types of income, deductions, and other compensation that employers need to report to employees for tax purposes.
31 maj 2019 · Box 14 is where taxable fringe benefits are summarized, but it does also include a documentation of several Non-Taxable items (i.e., via pre-tax dollars), such as: code K (non-taxable dental/vision deductions); code V (non-taxable health benefits); code Y (non-taxable flexible spending accounts [FSA]). ...
Employers can use box 14 on W-2 forms to report additional information, which can vary according to the state or local area. Examples of items that may be reported in box 14 include: The lease value of a vehicle provided to an employee. A clergy member’s parsonage allowance and utilities.
Box 14 — Employers can use W-2 box 14 to report information like: A member of the clergy’s parsonage allowance and utilities Any charitable contribution made through payroll deductions
First, review box 14 and determine whether there are any tax ramifications. After you determine which form and return are affected, use the input screens to report the item on the federal and/or state return.
