What is W-2 Box 12 on W?
What is W-2 Box 12 on W?
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.
How do I answer box 12 on my 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.
Which Box 12 on W-2 is HSA?
Employer Contributions to
The code from box 12 of your W-2 for HSA (Health Savings Account) is code W (Employer Contributions to Health Savings Account).
Do I have to enter box 12 on my W-2?
You are not required to complete box 12 with code Y (Deferrals under a section 409A nonqualified deferred compensation plan). Section 409A provides that all amounts deferred under a nonqualified deferred compensation (NQDC) plan for all tax years are includible in gross income unless certain requirements are satisfied.
Do I have to put Box 12 on my taxes?
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 does CD DD mean on w2?
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. Code DD amounts are for informational purposes only — they don’t affect the numbers in your tax return.
Is Box 12 D required?
The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan on an employee’s Form W-2, Wage and Tax Statement, in Box 12, using Code DD.
What’s in Box 12 of my W-2?
The W-2 Box 12 codes provide more information and determine if the amount is income. However, if any amount is gross income, it’s already included in W-2 Box 1. Each W2 Form box 12 code is either a single or double letter code. The W2 Box 12 codes are: A – Uncollected Social Security or RRTA tax on tips.
Is line 12A code DD taxable on my W2?
You are correct that an amount listed in Box 12 as Code DD is not taxable. This amount represents health insurance premiums paid through the employer which are non-taxable fringe benefits. In order to accurately file your return, you will need to contact the employer and have them issue a corrected Form W-2 with the proper amount of wages in Box 1.
What does box 12 code “W” on my W2 mean?
The amount with code “W” in box 12 of your W-2 is the sum of the amounts that your employer contributed to your HSA AND that you contributed through a payroll deduction scheme. If either you or your employer made contributions to your HSA (as the copy printed at home would seem to indicate), then the W-2 that you received in the mail is incorrect.
When is the deadline to send out W2s?
According to the Internal Revenue Service, W-2 forms should be mailed out to employees by no later than January 31 for forms derived from the previous calendar year.
