What does Box 14 mean on your W-2?

Box 14 — Employers can use this W-2 box to report information like: A member of the clergy’s parsonage allowance and utilities. Charitable contributions made through payroll deduction. Educational assistance payments. Health insurance premiums deducted.

How does Box 14 on W-2 affect taxes?

The information that your employer lists in Box 14 of your W-2 does not usually 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.

Where is Box 14 Code A on tax return?

Line 14A – Net Earnings (Loss) from Self-Employment – Amounts reported in Box 14, Code A represent the amount of net earnings from self-employment. For Limited Partners this amount generally includes any guaranteed payments received for services rendered to or on behalf of the partnership.

Is Box 14 on W-2 required?

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.

What is code 125 in box 14 on W2?

Box 14. Your employer may report your cafeteria plan deductions in Box 14, which is labeled “Other.” It might use the code “Section 125” or “Café 125,” and then state your pretax payments. This data is optional and can clear up any confusion you have about the amount in Box 1.

How do I fill out a box 14 on my taxes?

Employers can put just about anything in box 14; it’s a catch-all for items that don’t have their own dedicated box on the W-2. In TurboTax, enter the description from your W-2’s box 14 on the first field in the row. Enter the dollar amount and select the correct tax category that goes with that description.

Is Box 1 on the W-2 gross wages?

Box 1: Wages, Tips, Other Compensation. The amount in Box 1 will generally be the “YTD Gross” under the Summary section of your final earnings statement, minus any pre-tax deductions such as health/dental/vision insurance, flexible spending accounts and retirement and tax deferred savings plans, etc.

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.

How do I use Box 14 on TurboTax?

In TurboTax, enter the description from your W-2’s box 14 on the first field in the row. Enter the dollar amount and select the correct tax category that goes with that description. If none of the categories apply, scroll to the bottom of the list and choose Other–not on above list.

How is box 1 on your W-2 calculated?

Box 1 “Wages, tips, other compensation”: This is federal, taxable income for payments in the calendar year. The amount is calculated as YTD earnings minus pre- tax retirement and pre-tax benefit deductions plus taxable benefits (i.e., certain educational benefits).

Why is Box 1 on my W-2 less than my salary?

If your Box 1, W-2 amount is less than your salary, it is because you have pre-tax deductions from your salary under one or more employer plans. If you are not sure about your Box 1 amount, your payroll department can provide the details of the calculation of your Box 1 amount.

What does code V in box 14 of my W2 mean?

Code “V” in Box 14 refers to contributions you made to “Non-Taxable Health Benefits”. (I am reading this description off the back of my W-2.) Box 14 is where taxable fringe benefits are summarized, but it does also include a documentation of several Non- Taxable items (i.e., via pre-tax dollars),…

What does box 14 mean on W2?

Box 14 of Form W-2 is for “information only” and is not required information, nor does it “balance” or reconcile to any other payroll tax forms or calculations. Savvy employers can use Box 14 to report any financial information to employees they wish to communicate.

What should go in box 14 on my W2 form?

State disability insurance taxes withheld

What do the codes mean on W2?

Answer. The W2 boxes and codes show the wages you’ve earned and any taxes paid through withholding. To help you understand your Form W2 , we’ve outlined each of the W-2 boxes and the corresponding W2 box codes below. Box 1 — Shows your wages, tips, prizes, and other compensation for the year.