What are the codes on W-2?

The W-2 box 12 codes are:

• A – Uncollected Social Security tax or Railroad Retirement Tax Act (RRTA) tax on tips.
• B – Uncollected Medicare tax on tips.
• 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.

What is 12a 12b and 12c on W-2?

Your W-2 has four Box 12 lines, labeled 12a, 12b, 12c, and 12d. These lower-case letters are just line labels and have no meaning.

What is Box 12a and 12b on W-2 form?

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. B: Uncollected Medicare tax on tips reported to your employer (but not Additional Medicare Tax) BB: Designated Roth contributions under a section 403(b) plan.

What do the letter codes in box 12 of my W-2 mean?

W-2, Box 12 Codes

What is D and DD in box 12?

Code DD is only information to you to tell you how much your employer spend for health coverage – you do nothing with it. Code D is the amount of salary deferrals to a 401(k) plan. You do nothing with than either other than enter it on the W-2 screen in box 12 just like it is on the paper W-2.

What is 12a code DD on W-2?

Hello – Code DD in Box 12 is the cost that your employer paid for your Health Insurance. It is informational but it is not included in your tax filing. You can enter it in the W-2 Box 12 drop down menu – it is found after z.

Is it better to claim 1 or 0?

Claiming 1 reduces the amount of taxes that are withheld from weekly paychecks, so you get more money now with a smaller refund. Claiming 0 allowances may be a better option if you’d rather receive a larger lump sum of money in the form of your tax refund.

Do I claim 0 or 1 on my w4?

A 0 will result in more taxes being withheld from each paycheck, while 1 will allow you to take home more money if you choose — though it may result in a tax bill at the end of the year if you withhold too much.

What is Box 12a code DD on W-2?

Employers. 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.

Can I leave Box 12 blank?

If your box 12 on your w2 is blank, leave the Turbotax box 12 blank. Do not put zero or anything else in it, leave it totally blank.

Is code DD on W-2 deductible?

Unfortunately, the answer to your question is no. 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.

What are the letter codes on my W-2 form?

These are the letter codes you’ll need to enter into TurboTax. 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”.

Do all employees get a W-2 with the same verification code?

However, every employee working for the same employer will either all receive Forms W-2 with a Verification Code, or none of them will have it. The IRS partnered with a limited number of payroll service providers on the pilot.

How do I ensure the information on Form W-2 is correct?

You must ensure that the information on Form W-2, Wage and Tax Statement PDF, and Form W-3, Transmittal of Wage & Tax Statements PDF, you issue to your employees contains correct retirement plan information because: employees need accurate information to determine the correct deductions and credits on their tax return, and

What are the W2 box 12 codes for tips?

The W2 Box 12 codes are: A — Uncollected Social Security or RRTA tax on tips. Include this tax on Form 1040 Schedule 4 line 58. B — Uncollected Medicare tax on tips. Include this tax on Form 1040 Schedule 4 line 58.