What does the D stand for on W2?
D : Contributions to your 401(k) plan. DD: Cost of employer-sponsored health coverage. More info. E: Contributions to your 403(b) plan. EE: Designated Roth contributions under a governmental section 457(b) plan.
Is W2 Box 12 D deductible?
Box 12, Code D is not deducted on your tax return. Your Box 1 of your W2 should already reflect the deduction for your 401(k) contributions. The pre-tax benefit is built-in to the W2 already.
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 do I put for Box 12 on my W-2?
Form W-2 Box 12 Codes
- A. Any uncollected Social Security tax or Railroad Retirement Tax Act (RRTA) tax on tips.
- B. Any uncollected Medicare tax on tips.
- C. 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 here.
Where is Box D on W-2?
Form W-2 (wage statement) Box D is called the Control Number field. It is usually located below or near the Employer’s Name and Address. The Box D Control Number is a code that uniquely identifies your particular W-2 document in your employer’s records.
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.
What is Box D on your W-2 form?
Box D: This is a control number that identifies your unique Form W-2 document in your employer’s records. This number is assigned by the company’s payroll processing software.
Do 401k contributions show up on W-2?
Generally, contributions to your 401(k) or TSP plan will show up in box 12 of your W-2 form, with the letter code D.
How do I fill out a box 12 on my taxes?
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.
How do I know what to put in box 12?
Box 12 should be entered into TurboTax exactly as it is on your W-2. If there is nothing in box 12 on your W-2, leave it blank in TurboTax. When you play with the box a bit, it thinks you have a value you need to enter.
Is code D on W2 deductible?
What does DD mean on W 2?
DD means employer-sponsored medical plan. The benefit amount is currently not taxable. This code is explained on the reverse side of your W-2. That amount implies you have a wife and one or more children.
What is tax box 12 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. Code DD amounts are for informational purposes only – they don’t affect the numbers in your tax return. Nevertheless, you should enter the Code DD and the amount…
What does the code “DD” on the W-2 form box 12A mean?
The code DD in the Box 12a of your W-2 means the Total cost of employer-sponsored group health plan. Reporting it doesn`t mean its taxable but required under Affordable Care Act.
What is 12B DD on W2 form?
What does box 12b DD mean. The code DD for Box 12 on your W-2 is in the drop-down list after code D (the seventh item down the list). If you have other lines in Box 12 to add, be sure to click the blue + Add Another Row link to be able to enter everything from your W-2. As user ScottT stated, the information reported in Box 12 for Code DD should have no effect on your return if entered with the correct code.