What does 12c mean on W-2?
Table of Contents
What does 12c mean on W-2?
W-2, Box 12 Codes
| Box 12 Code | Description |
|---|---|
| B | Uncollected Medicare tax on tips (but not Additional Medicare Tax) |
| C | Taxable cost of group-term life insurance over $50,000 |
| D | Elective deferrals under a section 401(k) cash or deferred arrangement plan (including a SIMPLE 401(k) arrangement) |
What is Section 12c DD on W-2?
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 does D on line 12 mean on W-2?
D – Elective deferral under a Section 401(k) cash or arrangement plan. This includes a SIMPLE 401(k) arrangement.
What is Box 12 a code C?
Box 12 with a code c is the taxable cost of group-term insurance over $50,000. If you had group term life insurance through your workplace, the premiums for any value over $50,000 become taxable income to you and are included in box 12.
What is 12C in income tax?
FORM No.12C WORKING SHEET FOR INCOME TAX REBATE FOR HOUSING LOAN THOSE WHO HAVE AVAILED HOUSING LOAN FOR THE YEAR 31st MARCH.- Page 1. FORM No.12C. WORKING SHEET FOR INCOME TAX REBATE FOR HOUSING LOAN. (INCOME TAX EXEMPTION UNDER SECTION 192 (2B)
What are lines 12a 12b 12C on W-2?
Your W-2 has four Box 12 lines, labeled 12a, 12b, 12c, and 12d. These lower-case letters are just line labels and have no meaning.
What is 12a 12b and 12c on W-2?
These lower-case lett. Page 1. Form W-2 Reference Guide for Box 12 Codes. Your W-2 has four Box 12 lines, labeled 12a, 12b, 12c, and 12d. These lower-case letters are just line labels and have no meaning.
What is an elective deferral?
Elective Deferrals are amounts contributed to a plan by the employer at the employee’s election and which, except to the extent they are designated Roth contributions, are excludable from the employee’s gross income. Elective deferrals include deferrals under a 401(k), 403(b), SARSEP and SIMPLE IRA plan.
Who will fill form 12C?
It Is a form given to the employer by the employee to reveal the income from sources other than salary. If an employee has income from sources other than salary, the employer can take these into account when deducting tax from salary if the employee fills out form No. 12C with the relevant information.
What is residential status in form 12C?
Residential status refers to a person’s status with reference to the question of how long the person has stayed in India for the past five years. The income tax liability of a taxpayer is based on the residential status in the financial year, and four years preceding the financial year.
How does Box 12 D affect taxes?
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.
Can I leave Box 12 empty?
If Box 12 on your W-2 is empty, don’t enter anything for Box 12. If you have more than one item showing for Box 12 on your W-2, enter each item on a separate line. The following list explains the codes shown in W-2 Box 12. A – Uncollected social security or RRTA tax on tips.
Is code D on W-2 deductible?
The amount reported with Code DD is not taxable. Designated Roth contributions under a governmental section 457(b) plan. This amount does not apply to contributions under a tax-exempt organization section 457(b) plan. Permitted benefits under a qualified small employer health reimbursement arrangement.
What does box 12a and 12b mean on W-2?
Box 12 codes A: Uncollected social security or RRTA tax on tips reported to your employer. AA: Designated Roth contributions under a section 401(k) plan. B: Uncollected Medicare tax on tips reported to your employer (but not Additional Medicare Tax) BB: Designated Roth contributions under a section 403(b) plan.
Is a elective deferral the same as a contribution?
Can I deduct elective deferrals?
More In Retirement Plans Generally, deferred wages (elective deferrals) are not subject to federal income tax withholding at the time of deferral, and they are not reported as taxable income on the employee’s individual income tax return.
