According to the listed information and if you have an amount listed on W-2 Box 12. It could mean many things. While the W-2 Box 12 codes deliver more information and control if the amount is income. Though, if any quantity represents total income, it is already included in W-2 Box 1. Each W2 Form box 12 token is either a single symbol or a double letter.
For your better understanding, we have mentioned the following information for you!
W2 Box 12 codes are:
A – Ungathered Social Security or RRTA tax on the tip. Comprise this tax on line 58 of Form 1040 of Schedule 4.
b – Medicare tax not composed of tips. Include this tax on line 58 of Form 1040 of Schedule 4.
C – Taxable costs of group life insurance for a term greater than $50,000 (included in boxes W-2 1.3 (up to Social Security wage basis), and Box 5.
D – An elective postponement under a cash 401(k) plan or preparation. This includes a simple 401(k) arrangement.
(e) in this section, if it comes under voluntary deferments under Section 403(b) salary reduction agreement. Or it could be optional deferments under section 408(k)(6) SEP.
- Optional adjournments and employer charities (including non-voluntary deferments) to Section 457(b) of the Deferred Compensation Plan.
h – Non-compulsory postponements to a tax-exempt society plan under Section 501(c)(18)(d).
j – Non-taxable sick pay (information only, not comprised in W-2 boxes 1, 3, or 5).
K – 20% selective tax on overpayment of Golden Parachute.
L – Compensation of the employee’s long-established business expenses (not subject to tax).
m – Ungathered Social Security or RRTA tax on the taxable cost of group life assurance for a term of more than $50,000 (former employees only).
N – Uncollected Medicare tax on the taxable price of group life assurance for a term of more than $50,000 (former employees only).
P – Payments for non-excluded carriage expenditures paid directly to a member of the US Armed Forces. (Not included in boxes 1, 3 or 5)
Q – Non-deductible battle pay See the orders for Form 1040 or Form 1040A for details on reporting this amount.
R – in this section if worker aids to an Archer’s Medical Savings Account (MSA). Report on Form 8853, Coyer Long-Term Medical Service Insurance Contracts and Long-Term Care Insurance Contracts.
S – Worker’s salary reduction contributions under Section 408(p) are simple. (Not included in box 1).
T – Compensations of implementation (not shown in Box 1). Complete Form 8839: Eligible Acceptance Expenses, to calculate any taxable and non-taxable amounts.
V – Income from exercising the no statutory stock option(s) (listed in boxes 1 and 3 (up to the Social Security pay base) and 5). See Periodical 525, Taxable and Non-Taxable Income, for reporting necessities.
d – Employer charities (including amounts the worker has chosen to donate using a Section 125 cafeteria plan) to your Health Savings Account (HSA).
Y – Postponements below Section 409A of the nonqualified deferred compensation plan.
Z – Income under a nonqualified deferred compensation plan that does not meet Section 409A. This amount is also included in Box 1 and is subject to a surcharge of 20% in addition to interest. See Form 1040 Instructions for more information.
AA – A chosen Roth influence under a 401(k) plan.
BB – Chosen Roth aids under a 403(b) plan.
CC – for employer use only.
DD – the cost of employer-sponsored health coverage.
EE – Roth Chosen Contributions under a 457(b) Government Scheme. This amount does not apply to contributions under a Section 457(b) plan for a tax-exempt organization.
FF – Reimbursements allowable under the Eligible Small Business Employer Health Payment Arrangement.
GG – Income from endowments of qualified stock under Section 83(i).
HH – Total adjournments under Section 83(i) selections as of the end of the calendar year.