What is Box 12 on a W-2?
Robert Harper 
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 code do I use for box 12?
W-2, Box 12 Codes
| Box 12 Code | Description |
|---|---|
| BB | Designated Roth contributions under a section 403(b) plan |
| DD | Cost of employer-sponsored health coverage |
| EE | Designated Roth contributions under a governmental section 457(b) plan |
| FF | Permitted benefits under a qualified small employer health reimbursement arrangement |
What does see instructions for Box 12 mean?
Those instructions are for the person or company preparing the form, not for you.
Is Box 12 Code C Taxable?
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 happens if you don’t have a box 12 code?
Any amount on a Box 12 line will also have an upper-case (capital) letter code associated with it. (If there aren’t any capital letter codes in Box 12, skip it and move on to Box 13.). If box 12 on your w-2 is blank, leave it blank in the Turbotax data entry form.
Is wages tips and other compensation gross or net?
Definition. Wages, tips and other compensation describes the total federal taxable income reported by your employer. The total dollar mount is a combination of your gross pay, plus any cash you received, plus any noncash benefits.
What does box 12 with a code C mean?
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.
Where do I report my GTL imputed income?
Employers may choose to gross up employees on the tax liability caused by the GTL imputed income as they see fit. GTL imputed income is reported on the Form W-2 as wages (Box 1), SS wages (Box 3), Medicare wages (Box 5), and in Box 12 using Code “C”.
Where to find box 12 on a W-2?
Enter your W-2 form with the box 12 code C in your tax return. The taxable amount is already included in your Box 1 wages. You don’t enter the amount anywhere else in your return.
What are the penalties for incorrectly reporting GTL income?
The primary potential penalty for failure to correctly impute GTL income is the Form W-2 penalties for incorrectly reporting income. Those Form W-2 penalties are generally as follows: $50 per Form W-2 if corrected within 30 days of the 1/31 due date ($556,500 annual maximum, reduced to $194,500 for small business)
