In most cases, the information that your employer lists in Box 14 of your W-2 does not affect your income tax return. In fact, for many Box 14 entries, the IRS does not even provide a place for it to get reported on your return forms.
What is the amount in box 14 on W-2?
Box 14: Your employer may report additional tax information here. If any amounts are reported in Box 14, they should include a brief description of what they’re for. For example, union dues, employer-paid tuition assistance or after-tax contributions to a retirement plan may be reported here.
What does 14 mean on W-2?
Employers use Box 14 on Form W-2 to provide other information to employees. Generally, the amount in Box 14 is for informational purposes only; however, some employers use Box 14 to report amounts that should be entered elsewhere on your return. Note.
What is Y in box 14 on W-2?
Y = Pretax Flexible Spending Accounts.
In which box on your W-2 Can you find your taxes withheld?
In box 1 of the W-2 you will find your annual wage and salary payments with the amount of federal tax withheld from it in box 2. Other boxes on the W-2 form include your wages subject to Medicare tax, Social Security taxes that are withheld and information on your state income tax withholding, if applicable.
What does Code V mean in Box 14 of W-2?
Non-Taxable Health Benefits
Code “V” in Box 14 refers to contributions you made to “Non-Taxable Health Benefits”.
How to enter additional state income on W2?
Enter the additional state incomes as necessary. Split and enter the federal Box 1 amount from the taxpayer’s W-2 on the W2 screens proportional to the sum of the individual state amounts you entered on each W2 screen.
What is the purpose of the W2 form?
What is the purpose of the Form W-2? Form W-2 is a wage tax form used to report the gross wages paid to employees and the taxes (social security, income, and Medicare) withheld from these employees to the SSA (Social Security Administration). 2. Line by Line Instructions to complete your Form W2
What to put in box 1 on W-2?
Box 1 does not include any tax benefits such as savings contributions to a 401 (k) plan, 403 (b) plan, or health insurance. Enter the total federal income tax that was withheld from your employee’s wages for the year. Enter the total wages paid subject to the employee Social Security tax.
How to enter additional entries for Box 12 and 14?
When you view the return, the Form W2 (W2_XS in Drake14-15) will display line 15 figures as well as the additional entries for boxes 12 and 14. For a demonstration, watch the video Entering Multi-state W-2.
