What do the codes mean in Box 12 of W-2?
What do the codes mean in Box 12 of W-2?
| Box 12 Code | Description |
|---|---|
| Z | Income under section 409A on a nonqualified deferred compensation plan. This amount is also included in box 1. It is subject to an additional 20% tax plus interest. |
| AA | Designated Roth contributions under section 401(k) plan |
| BB | Designated Roth contributions under section 403(b) plan |
What is line 12a and 12b on W-2?
The lines labeled 12a, 12b, 12c, and 12d (sometimes listed as 12a-d) on your W-2 are just line labels, not codes. Don’t enter these line labels. For example, if you see “D” on line 12a, enter “D” in TurboTax, not “a”. And if line 12a is blank, don’t enter anything.
What is code DD on my W-2?
The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan on an employee’s Form W-2, Wage and Tax Statement, in Box 12, using Code DD.
What is DD on a W-2?
Health Insurance Cost on W-2 – Code DD Many employers are required to report the cost of an employee’s health care benefits in Box 12 of Form W-2, using Code DD to identify the amount. It is included in Box 12 in order to provide comparable consumer information on the cost of health care coverage.
What does DD stand for on W2?
Cost of employer-sponsored health coverage
DD—Cost of employer-sponsored health coverage. The amount reported with Code DD is not taxable.
What does code W show on a W-2?
Health Savings Account
Code W in Box 12 of your W2 indicates that you have an employer-sponsored Health Savings Account and that there was money deposited into your HSA through the payroll system at work. Code W opens up Form 8889, Health Savings Accounts, on your tax return.
What is 12b on a W-2?
Upper-case (capital) letters in Box 12 stand for different things: • A and B: Uncollected social security and Medicare tax on tips. This. amount represents the social security and Medicare tax on the tips you reported to your employer.
What is box 12b on W-2?
The W-2 box 12 codes are: A — Uncollected Social Security or RRTA tax on tips. B — Uncollected Medicare tax on tips.
What are the codes in Box 12 on W2?
The new W2 includes a new Box 12 Code FF, which will be used to designate Permitted Benefits Under a Qualified Small Employer Health Reimbursement Arrangement. Employers should use this code FF to report in box 12 any amounts of benefits allowable under a QSEHRA.
What does DD mean on W2 in Box 12?
The amount shown on your W-2, Box 12, using Code DD, represents the of the cost of pre-tax employer-sponsored health coverage, and is for your information only. The amount reported with Code DD is not taxable, but neither can it be claimed as a tax deduction (medical expense) by an individual taxpayer.
What is 12B DD on W2 form?
What does box 12b DD mean. The code DD for Box 12 on your W-2 is in the drop-down list after code D (the seventh item down the list). If you have other lines in Box 12 to add, be sure to click the blue + Add Another Row link to be able to enter everything from your W-2. As user ScottT stated, the information reported in Box 12 for Code DD should have no effect on your return if entered with the correct code.