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Jun 5, 2024 · The code and the corresponding amount must go in Box 12. Since there are four parts of Box 12 on Form W-2 (12a, 12b, 12c, and 12d), you can put up to four codes and amounts on the W-2. If you need to report more than four, you will need an additional Form W-2. Box 12 is highlighted in the Form W-2 below, courtesy of the IRS.
Jul 11, 2024 · 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. B: Uncollected Medicare tax on tips reported to your employer (but not Additional Medicare Tax) BB: Designated Roth contributions under a section 403 (b ...
Any amount in this W-2 box over $5,000 is also included in Box 1. Complete Form 2441, Child and Dependent Care Expenses, to compute any taxable and nontaxable amounts. Box 11 — This section shows the total amount distributed to you from your employer’s non-qualified (taxable) deferred compensation plan. Box 12 — Various Form W-2 codes on ...
Jan 23, 2024 · If applicable, this box will indicate a single or double letter code followed by a dollar amount. Here’s what those codes mean: Box 12 code. Meaning. A. Uncollected Social Security or RRTA tax on tips. B. Uncollected Medicare tax on tips (but not Additional Medicare Tax) C.
- 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.
The codes in W2 Box 12 range from reporting contributions to retirement plans, uncollected taxes on tips, and the cost of employer-provided life insurance, among others. Each of these codes plays a significant role in how your overall income is calculated and how much tax you ultimately owe. Knowing what each code stands for and how it affects ...
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Aug 7, 2024 · Form W-2 is a wage and tax statement that details how much you were paid by an employer during the year. If you have (or had) a job at any time during the year, you should receive a W-2 Form from each employer the following January. The information contained in box 12 may need to be reported or adjusted on your tax return.
