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We’ll cover W-2 box codes in depth here to help any questions you may have when you receive your form. What do W-2 box codes show? The W-2 boxes and W-2 codes show the taxable wages, you’ve earned and any taxes paid through withholding.
- 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.
- C – Taxable costs of group-term life insurance over $50,000 (included in W-2 boxes 1,3 (up to Social Security wages base), and box 5); Taxable costs are information only.
- D – Elective deferral under a Section 401(k) cash or arrangement plan. This includes a SIMPLE 401(k) arrangement. You may be able to claim the Saver’s Credit, Form 1040 Schedule 3, line 4.
Jun 14, 2022 · You might need to use Form W-2 Box 12 codes to accurately fill out Form W-2. 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.
Mar 29, 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.
Mar 11, 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.
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.
A W-2 form, officially named the Wage and Tax Statement, is a document provided by your employer. It summarizes your earnings and the taxes withheld from your paycheck throughout the year. This form holds a fundamental role in the tax preparation process, ensuring you report your income accurately.
