What is code AA on box 12 of W2?

What is code AA on box 12 of W2?

AA — Designated Roth contribution under a 401(k) plan. Roth contributions are not deductible; however, you may be able to claim the Saver’s Credit, Form 1040 Schedule 3, line 4. See Form 1040 Instructions for details.

What is code AA on W-2?

AA: Designated Roth contributions under a section 401(k) plan. BB: Designated Roth contributions under a section 403(b) plan. DD: Cost of employer sponsored health coverage. The amount reported with Code DD is not taxable.

What do I put for Box 12 on my W2?

Form W-2 Box 12 Codes

1. A. Any uncollected Social Security tax or Railroad Retirement Tax Act (RRTA) tax on tips.
2. B. Any uncollected Medicare tax on tips.
3. C. If you had group term life insurance through your workplace, the premiums for any value over $50,000 become taxable income to you and are included here.
4. D.
5. E.
6. F.
7. G.
8. H.

Do you have to report Box 12 on W2?

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.

What does box 12a and 12b mean on w2?

Upper-case (capital) letters in Box 12 stand for different things: • A and B: Uncollected social security and Medicare tax on tips. This. amount represents the social security and Medicare tax on the tips you reported to your employer.

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 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 is D on Box 12 W2?

The boxes/codes D to H in box 12 of your W2 form gives you information regarding your employer`s contributions to your retirement plan at work.

What is a W2 form?

Form W-2. Form W-2 (officially, the “Wage and Tax Statement”) is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. Jun 26 2019