What do the codes mean on W2 Box 12?
What do the codes mean on W2 Box 12?
The W2 Box 12 codes are: A — Uncollected Social Security or RRTA tax on tips. B — Uncollected Medicare tax on tips. Include this tax on Form 1040 Schedule 4 line 58. 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.
What does 12b DD mean on w2?
Box 12 with code DD of the W-2 is the amount that your company paid for health care that it provided for you. You report the amount but it will not have any affect on your tax return.
Are health insurance premiums on w2?
Any medical premiums you pay with pretax dollars aren’t counted in your taxable income. When your employer prepares your W-2, your employer won’t include these premiums in box 1, your income subject to federal income tax. Your W-2 would show $45,500 in box 1 and $10,500 in box 12 with the code DD.
Who has to report health insurance on w2?
Who is affected? According to the most recent IRS guidance, large employers who issue 250 or more W-2s for calendar year 2014 (to be distributed to employees in January 2015) are required to report the value of employer-sponsored health insurance.
Do I have to report health insurance on my taxes?
You are no longer required to report your health insurance on your return UNLESS you or a family member were enrolled in health insurance through the Marketplace and advance payments of the Premium Tax Credit were made to your insurance company to reduce your monthly premium payment.
Where are health insurance premiums on W2?
Your health insurance premiums paid will be listed in box 12 of Form W2 with code DD.
Does Box 1 on W2 include health insurance?
Answer: The amount in Box 1 represents Taxable Earnings which is your YTD Earnings minus tax-deferred retirement contributions as well as pre-tax benefits such as medical, dental, health care reimbursement, dependent care reimbursement, parking and vision insurance.