employer’s benefit plan
SEC 125 is your employer’s benefit plan. It is also known as a “cafeteria plan”. Usually, what is reported there is your medical insurance premiums that are paid with pre-tax income. They are not taxed and are not included in your W-2 Box 1 wages so you can not deduct them as medical expenses.
What does FLI stand for on W-2?
Family Leave Insurance
12231: NJ – Family Leave Insurance (FLI) Family leave insurance is a mandatory contribution withheld from wages by the employer on the employee’s W-2.
What is 414h2?
A 414(h) plan, also called a pick-up plan, offers people who hold government jobs a tax-advantaged way to grow savings for retirement. If you work for a local, state or federal government agency, you may be offered one of these plans as part of your benefits package.
What does S125 mean on W-2 box 14?
That’s there for informational purposes only. It doesn’t impact your tax return. It’s Section 125 or cafeteria plan amount. Probably your health insurance through your employer.
What does box 14 do for IRC 125?
Adding in Box 14 doesn’t go anywhere or do anything. The only important Box 14 Sec 125/ IRC 125 “dropdown” is if you work for the government of New York City. If you work for NYC, you choose the dropdown “NY IRC 125 Subject to Tax”. Assuming you don’t, you can either not list it as all, or choose Other. Same result.
What is Cafe 125 on a W-2 tax form?
What Is ‘Cafe 125’ on a W-2 Tax Form? A Section 125 plan, also known as a “cafeteria plan”, allows employees to convert otherwise taxable items, such as a salary, into nontaxable benefits if they so choose.
What does caf125 shown in box 14 mean?
The state is NY and the individual is a non-NYC resident and resides and works in Long Island. Thanks! 02-08-2021 12:14 PM The CAF 125 does not change the way the return is prepared and/or filed.
