The W-2 box 12 codes are: 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). Information only. D — Elective deferral under a Section 401(k) cash or arrangement plan.

What does line 12a on W-2 mean?

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) plan.

What are tax-deferred pension payments?

A tax-deferred savings plan is an investment account that allows a taxpayer to postpone paying taxes on the money invested until it is withdrawn, generally after retirement. The best-known such plans are individual retirement accounts (IRAs) and 401(k)s.

What is included in W2 Box 1?

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.

What is box 12a on W2 code C?

Box 12 with a code c is the taxable cost of group-term insurance over $50,000. 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 in box 12. Enter your W-2 form with the box 12 code C in your tax return.

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 enter IRA contributions in W2 box 12A?

Solved: Do I enter IRA contributions in W2 box 12a code D (with Retirement plan checked in box 13) when asked for total contributions made in 2016? June 4, 2019 8:15 PM Do I enter IRA contributions in W2 box 12a code D (with Retirement plan checked in box 13) when asked for total contributions made in 2016?

What does Box 13 on W-2 mean for retirement plan?

The “Retirement plan” indicator in Box 13 shows whether an employee is an active participant in your company’s plan. If this box is checked, it lets the recipient know that depending on their filing status and modified adjusted gross income, they may not be entitled to a full deduction for their traditional IRA contributions.

What are the boxes on the W-2 form?

See Form 1040 instructions to determine if you’re required to complete Form 8959. Box 6 — Shows the amount of Medicare tax withheld. This amount includes these: Box 7 — Shows any tip income you reported to your employer. Box 8 — Shows tip income allocated to you by your employer. This amount isn’t included in W-2 Boxes 1, 3, 5, or 7.

Where to find retirement plan code on form W2?

See the Instructions for Forms W-2 and W-3 PDF for a complete list of codes. The “Retirement plan” indicator in Box 13 shows whether an employee is an active participant in your company’s plan.