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We'll break down everything you need to know about W-2 Box 14 codes, including what they mean, how they are used, and why they are important. By the end of this article, you'll have a clear understanding of these codes and how to handle them when preparing your taxes.
Understanding W-2 box 14 codes can unlock hidden details about your compensation and benefits. Interpreting these codes correctly could reveal tax savings opportunities you may be missing out on. This comprehensive guide will decode box 14 by explaining what it’s for and providing a detailed breakdown of common codes.
You must report all employer contributions (including an employee's contributions through a cafeteria plan) to an HSA in box 12 of Form W-2 with code W. Employer contributions to an HSA that are not excludable from the income of the employee must also be reported in boxes 1, 3, and 5. (Use box 14 if railroad retirement taxes apply.)
Forms W-2 (including Forms W-2AS, W-2GU, and W-2VI) redesigned. Beginning with the tax year 2023 forms (filed in tax year 2024), you may complete and print Copies 1, B, C, 2 (if applicable), and D (if applicable) of Forms W-2, W-2AS, W-2GU, and W-2VI on IRS.gov to provide to the respective recipient.
information on Form W-2. The entries in Boxes If there is an entry in Box 10, Form 2441, Child and Dependent Care Expenses, must be completed. IRS requires that information on electronically filed Form(s) W-2 match the printed Form(s) W-2 exactly if possible; however, the name cannot be changed, and the software will not accept special characters.
31 Οκτ 2024 · What is box 14? Box 14 is used to report amounts that don’t belong in other boxes on Form W-2. Employers can use it to report additional tax or income information for filing or informational purposes. Some employers use box 14 to report amounts deducted for State Disability Insurance taxes or union dues that may be tax deductible.
Box 14 — Employers can use W-2 box 14 to report information like: A member of the clergy’s parsonage allowance and utilities Any charitable contribution made through payroll deductions
