Quick Answer: What Do The Boxes On W2 Mean?

What are boxes 12a 12b and 12c on w2?

The W2 Box 12 codes are: A — Uncollected Social Security or RRTA 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.

D — Elective deferral under a 401(k) cash or arrangement plan..

Is code DD on w2 deductible?

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 amount goes in box 12 dd?

In accordance with the Affordable Care Act of 2010, we are reporting the total cost of the employer sponsored health coverage you received during the year in box 12 under code DD. This figure includes both the employee and employer paid shares of health insurance premiums and is for informational purposes only.

Does Box 12 Code D include employer match?

Does my employer Matching of 401k plan shows in Box 12 D on my W2? No, the employer matching contribution should not appear in box 12 of your W-2. … The amount reported with code D is also excluded by your employer from the amount your employer reports in box 1 of your W-2.

Are Cobra payments reported on w2?

All employers that provide applicable employer-sponsored coverage must include the aggregate cost of employer-sponsored health coverage on their employees’ Form W-2. … If the employee is terminated, the employer can also include the COBRA payment amounts paid by the employee after termination.

Why is Box 18 empty on my w2?

Box 18: Local wages, tips, etc. If your employee’s wages are subject to local income tax, include their total taxable wages in Box 18. Leave this box blank if the employee works in a locality with no income tax. The amount you list in Box 18 might be different than Boxes 1 and 16.

What are boxes D and DD on w2?

Most employees only see a few codes in Box 12. Some of the most common ones are Code D for contributions to a 401(k) plan and Code DD for the cost of employer-sponsored health care.

What number on w2 is refund?

You’ll see your total annual income on your W-2, box 1 “Wages, tips, other compensation.” This is the total pay you received for the year from your employer, and it’s the amount you would enter on line 7, in the “Income” section of IRS Form 1040.

What is the difference between Box 1 and Box 3 on w2?

Box 1 shows your total taxable wages, tips, prizes and other compensation, as well as any taxable fringe benefits. It does not include elective deferrals to retirement plans, pretax benefits or payroll deductions. … Box 3 shows your total wages subject to the Social Security tax.

Which box on w2 is refund?

Box 2 on our W2 is the amount of tax withheld from your wages. However, this does not tell you how much you will get back. On your form 1040, you will see your refund on line 75. If you owe, the amount will be on line 78.

What does see instructions for Box 12 mean?

That sentence “See instructions for box 12” is actually an instruction from the IRS to your employer, not you. You don’t have to worry about it.

Is box 1 on your w2 gross or net?

Box 1: Wages, Tips, and Other Compensation The amount of gross taxable wage your employer paid you. This includes tips, bonuses, commissions, wages, and salaries.

What is code DD on w2 Box 12?

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. This amount is reported for informational purposes only and is NOT taxable.

Do I have to report Box 12 D on my tax return?

Individuals (employees) do not have to report the cost of coverage under an employer-sponsored group health plan that may be shown on their Form W-2, Wage and Tax Statement, in Box 12, using Code DD. … This reporting is for informational purposes only, to show employees the value of their health care benefits.

Does Box 12 dd include dental and vision?

Generally, the following are NOT included in the amount reported in Box 12: Dental or vision coverage that gives the choice of declining, or electing and paying an additional premium (but employer can choose to report) Dental or vision that is not integrated with a major medical plan (but employer can choose to report)