What is Box 12 on W-2 used for?
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 if there is no code in box 12 of W-2?
Since you only have a Zero (0) in box 12a of your W-2, when you are entering your W-2 into TurboTax, just leave box 12a blank (no entry). If you have an amount on line 12a but no code, then you will need to contact your employer to request this information and possibly a correct W-2.
Is Box 14 on W-2 a deduction?
Box 14 — Employers can use this W-2 box to report information like: A member of the clergy’s parsonage allowance and utilities. Charitable contributions made through payroll deduction.
What is code DD on W-2?
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.
What is 12c DD on W-2?
Box 12 amounts with the code DD signify the total cost of what you and your employer paid for your employer-sponsored health coverage plan. Nevertheless, you should enter the Code DD and the amount of your employer-sponsored health coverage plan if you see it on your W-2.
Does my W-2 show how much I paid for health insurance?
Your health insurance premiums paid will be listed in box 12 of Form W2 with code DD.
What does box 12 mean on W2?
When you get your W-2, you might notice some new information on the form. Box 12 is where employers will report the cost of your workplace`s group health insurance coverage. This amount is both the amount the business pays as well as the premiums paid via payroll deductions by the workers.
What does box 12 code “W” on my W2 mean?
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 the form W2 box 12 codes mean?
The W-2 Box 12 codes provide more information and determine if the amount is income. However, if any amount is gross income, it’s already included in W-2 Box 1. Each W2 Form box 12 code is either a single or double letter code. The W2 Box 12 codes are: A — Uncollected Social Security or RRTA tax on tips.
What do the codes mean on W2?
Answer. The W2 boxes and codes show the wages you’ve earned and any taxes paid through withholding. To help you understand your Form W2 , we’ve outlined each of the W-2 boxes and the corresponding W2 box codes below. Box 1 — Shows your wages, tips, prizes, and other compensation for the year.