| Box 12 Code | Description |
|---|---|
| B | Uncollected Medicare tax on tips |
| C | Taxable cost of group-term life insurance over $50,000 |
| D | Elective deferrals to a section 401(k) cash or deferred arrangement. Also includes deferrals under a SIMPLE retirement account that is part of a section 401(k) arrangement |
What are the codes in Box 12 of Form W-2?
Box 12 will report a single letter or double letter code followed by a dollar amount. The following list explains the codes shown in Box 12 of Form W-2. You may need this information to complete the tax return. Uncollected social security or RRTA tax on tips. Include this tax on Form 1040. See ” Other Taxes ” in the Form 1040 Instructions.
What do the numbers mean on a W-2 form?
An employer issues Form W-2 to an employee and sends a copy to the IRS. It shows your total wages earned, as well as the income and payroll taxes your employer withheld. But those aren’t the only numbers on Form W-2. Your W-2 has four sections in Box 12 labeled 12a, 12b, 12c, and 12d. These lowercase letters don’t mean anything.
Do you need to know how to fill out Form W-2?
Whether you complete Forms W-2 on your own, use payroll software, or have a tax preparer, you should be semi-fluent in knowing how to fill out Form W-2. As a generalization, Form W-2 boxes show identification, taxable wage, taxes withheld, and benefits information.
What is the W-2 box for statutory employee?
Box 13 — If the “Retirement plan” box is checked, special limits can apply to the amount of traditional IRA contributions you can deduct. If the “Statutory Employee” box is checked, Box 1 will be carried to Schedule C line 1. Box 14 — Employers can use this W-2 box to report information such as: Railroad employers use this W-2 box to report:
