WebBox 12 of Form W-2 with code L reports substantiated employee business expense reimbursements. If you do not use this expense, the unused amount would be taxed as wages. To enter the W-2 box 12 amount: From within your TaxAct® return ( Online or Desktop) click on the Federal tab. WebW-2 Box 12 Labels and Codes Explained An employer can record up to four lines on one W-2 Form box 12 at a time. These lines are labeled 12a, 12b, 12c, and 12d. These small alphabet lines are only labels for these four lines and do not represent any …
A Guide to Understanding the Box 12 Codes on Form W-2
WebJan 21, 2024 · W-2 coding for 401 (k) contributions Code D, along with the total amount of an employee’s pretax contributions into a 401 (k) plan, is entered in Box 12. To report $4,000 in pretax 401 (k)... WebAdditional Medicare tax; W-2 form box 14 codes. Items entered in box 14 must be labelled with a code that provides a brief description of the item. There are no standardized codes for box-14 because the federal government doesn’t provide standardized codes for box 14 items, so employers can assign their own code that adequately describes the ... host html website on firebase
What Do the Form W-2, Box 12 Codes Mean? - Wikiaccounting
WebMar 4, 2024 · 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 WebDec 2, 2024 · Here is the basic meaning of each code: Code A: Uncollected social security or RRTA tax on tips. Code B: Uncollected Medicare tax on tips, excluding additional Medicare tax. Code C: Taxable cost of group-term life insurance over $50,000. Code D: Elective deferral under a Section 401 (k) cash or arrangement plan. WebJun 3, 2024 · W2 Box 12 uses codes A through HH to identify a general potpourri of miscellaneous forms of income that must be reported to the IRS. Some of these figures … psychologist witbank