What does D and DD mean 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.
What is Field DD on w2?
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.
Do I have to report Box 12 D on my tax return?
This is nothing you claim. This is the amount you contributed to your 401k. This amount reduces your taxable income. To cause TurboTax to remove Form 8880 from your tax return, indicate in the Retirement savings contributions credit section that you were a full-time student.
Is code DD on w2 deductible?
The amount shown on your W-2, Box 12, using Code DD, represents the of the cost of pre-tax employer-sponsored health coverage, and is for your information only. The amount reported with Code DD is not taxable, but neither can it be claimed as a tax deduction (medical expense) by an individual taxpayer.
What does 12a D mean on W-2?
Elective deferral
D — Elective deferral under a Section 401(k) cash or arrangement plan. This includes a SIMPLE 401(k) arrangement. You may be able to claim the Saver’s Credit, Form 1040 Schedule 3, line 4. See Form 1040 Instructions for details. E — Elective deferrals under a Section 403(b) salary reduction agreement.
What is Box 12b DD on your W-2?
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.
What does 12a D mean on W2?
What is Box 12a DD on a W2 form?
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.
How does code DD affect my taxes?
What does 12a mean on tax return?
Line 12a reports the total amount of the distribution and line 12b reports the taxable portion, if any. Next to line 12b, write “rollover.” If you’re rolling the money from one tax-deferred account to another, such as from a 401(k) to another 401(k) or traditional IRA, the entire rollover is tax-free.
What does box 12a and 12b mean on W-2?
Upper-case (capital) letters in Box 12 stand for different things: • A and B: Uncollected social security and Medicare tax on tips. This. amount represents the social security and Medicare tax on the tips you reported to your employer.
What does DD on my W2 mean?
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 box 12 on W2 DD?
Employees may receive a Form W-2 with an amount reported in Box 12 with Code DD. But fear not—this amount is simply the total cost of the employee’s health insurance coverage paid by both the employee and the employer, and it is not taxable. The reporting requirement was enacted as part…
What does code D on W2 mean?
You may have noticed Section 12 of your W2 contains alphabetic codes and amounts. The two most commonly seen codes are D and DD. Code D is the amount you have contributed to a retirement plan, such as a 401K. Code DD is a more recently established and utilized code.
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.
