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26 cze 2024 · 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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The intersection of health benefits and tax implications can be complex, but a closer examination of Box 12 codes reveals a structured system designed to capture this information efficiently. Here's an in-depth look at some of the Box 12 codes related to health and insurance: 1. Code DD: It reports the cost of employer-sponsored health coverage ...
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. Include this tax on Form 1040 Schedule 2, line 13.
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.
DD: Cost of employer-sponsored health coverage. The amount reported with code DD is not taxable. EE: Designated Roth contributions under a governmental section 457(b) plan. This amount does not apply to contributions under a tax-exempt organization section 457(b) plan. FF: Permitted benefits under a qualified small employer health reimbursement ...
9 wrz 2020 · Form W-2 Box 12 Codes. 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.
When it comes to Box 12 Codes on your W-2 form, one of the most common codes you may come across is Code DD, which relates to health insurance costs. This code indicates the total cost of employer-sponsored health coverage provided to you during the tax year.
