Table of Contents
Do I have to enter box 12 on my W-2?
You are not required to complete box 12 with code Y (Deferrals under a section 409A nonqualified deferred compensation plan). Section 409A provides that all amounts deferred under a nonqualified deferred compensation (NQDC) plan for all tax years are includible in gross income unless certain requirements are satisfied.
What is W-2 Box 12 on W?
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.
What code do I use for box 12?
| Box 12 Code | Description |
|---|---|
| Z | Income under section 409A on a nonqualified deferred compensation plan. This amount is also included in box 1. It is subject to an additional 20\% tax plus interest. |
| AA | Designated Roth contributions under section 401(k) plan |
| BB | Designated Roth contributions under section 403(b) plan |
What is 12a on W-2 form?
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.
Is W-2 Box 12 D deductible?
Box 12, Code D is not deducted on your tax return. Your Box 1 of your W2 should already reflect the deduction for your 401(k) contributions. The pre-tax benefit is built-in to the W2 already.
Which Box 12 on W-2 is HSA?
The code from box 12 of your W-2 for HSA (Health Savings Account) is code W (Employer Contributions to Health Savings Account).
Is Box 12 Code D taxable?
The amount reported with Code DD is not taxable. This amount does not apply to contributions under a tax-exempt organization section 457(b) plan. Permitted benefits under a qualified small employer health reimbursement arrangement.
What is box 12a on w3?
Box 12a – Enter the total of all amounts reported using codes D through H, S, Y, AA, BB, and EE in box 12 on Form W-2. Box 13 – For third-party sick pay use only – this box should be left blank. Boxes 16 -19 – Enter any state or local wages reported on W-2s submitted.
What is code DD on box 12 of W-2?
Health Insurance Cost on W-2 – Code DD 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. It is included in Box 12 in order to provide comparable consumer information on the cost of health care coverage.
What box on W-2 shows HSA?
Box 12
Short Answer: Both the employer and pre-tax employee HSA contributions made through payroll are reported on the Form W-2 in Box 12 with Code W. Employers must report all employer and employee HSA contributions made through payroll as a single aggregated amount on the employee’s Form W-2 in Box 12 using code W.
What is D and DD on W2?
Code DD is only information to you to tell you how much your employer spend for health coverage – you do nothing with it. Code D is the amount of salary deferrals to a 401(k) plan.