Useful tips

What is Box 12c W on W-2?

What is Box 12c W on W-2?

Code W in Box 12 of your W2 indicates that you have an employer-sponsored Health Savings Account and that there was money deposited into your HSA through the payroll system at work. Code W opens up Form 8889, Health Savings Accounts, on your tax return.

Do I have to report Box 12 W 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 D and DD in box 12?

Code DD is only information to you to tell you how much your employer spend for health coverage – you do nothing with it. Code D is the amount of salary deferrals to a 401(k) plan. You do nothing with than either other than enter it on the W-2 screen in box 12 just like it is on the paper W-2.

Do I have to enter box 12 on my W-2?

No – While it’s important to enter all the information on your W-2, you don’t need to file an amended return. The items listed in Box 12 of your W-2 are informational and are covered elsewhere on the form.

Is W-2 box 12 taxable?

The W-2 box 12 codes are: A — Uncollected Social Security or RRTA tax on tips. Include this tax on Form 1040 Schedule 2, line 8, check box c and identify as “UT”. 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).

How do you fill out a W-2 Box 12?

The W-2 you got from your employer will have four lines for box 12 — labeled 12a, 12b, 12c, and 12d. 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.)

Does my W-2 show how much I paid for health insurance?

Your health insurance premiums paid will be listed in box 12 of Form W2 with code DD.

What code do I use for box 12?

You must report the cost of employer-sponsored health coverage in box 12 using code DD. However, transitional relief applies to certain employers and certain types of plans. For more information, see Box 12—Codes for Code DD—Cost of employer-sponsored health coverage.

What is 12d DD?

Box 12 amounts with the code DD signify the total cost of what you and your employer paid for your employer-sponsored health coverage plan.

Is code DD on W-2 deductible?

The amount shown on your W-2, Box 12, using Code DD, represents the of the cost of pre-tax employer-sponsored health coverage, and is for your information only. The amount reported with Code DD is not taxable, but neither can it be claimed as a tax deduction (medical expense) by an individual taxpayer.

How do I fill out a box 12 tax return?

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.) In each box 12 line, select the capital letter code from the drop-down list and enter the corresponding amount.