| 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 |
Do I have to report Box 12 Code D on my tax return?
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 is code P in Box 12 of W2?
P — Excludable moving expense reimbursements paid directly to a member of the U.S. Armed Forces (not included in Boxes 1, 3, or 5). Q — Nontaxable combat pay.
What are the codes for Box 12 on the tax form?
Some of the most common ones are Code D for contributions to a 401 (k) plan and Code DD for the cost of employer-sponsored health care. If your Box 12 has any strange codes or you don’t know why your employer reported certain amounts, check with your payroll department.
How much is W2 box 12, code DD?
In box 12a on his W-2 with the code DD, is the whopping amount of $17,108.00! That means his company is paying a difference of $13,214.00 per year or $254.12 per week for the remainder of our health insurance premiums.
What does the letter T on Box 12 mean?
Letter T on a Box 12 is for adoption benefits. It’s not included in Box 1. Use this with Form 8839: Qualified Adoption Expenses. This will help you compute the taxable and nontaxable amounts. These are the benefits you receive from your employer.
What is included in box 1 of W-2?
Box 1: Box 1 reports your total taxable wages or salary for federal income tax purposes. The number includes your wages, salary, tips you reported, bonuses and other taxable compensation. For example, taxable fringe benefits such as group term life insurance will be included here.
