Get Announcement 2004-96 - New Code Y For The 2005 Form W 2, Box 12. This Announcement Advises

Code D. Non-taxable elective salary deferrals to a 401(k) or SIMPLE 401(k) retirement plan. Code E. Non-taxable elective salary deferrals to a 403(b) retirement plan.

Employer-paid premiums for health insurance are exempt from federal income and payroll taxes. Additionally, the portion of premiums employees pay is typically excluded from taxable income. The exclusion of premiums lowers most workers' tax bills and thus reduces their after-tax cost of coverage.

You are not required to complete box 12 with code Y (Deferrals under a section 409A nonqualified deferred compensation plan). Section 409A provides that all amounts deferred under a nonqualified deferred compensation (NQDC) plan for all tax years are includible in gross income unless certain requirements are satisfied.

In ance with the Affordable Care Act of 2010, we are reporting the total cost of the employer sponsored health coverage you received during the year in box 12 under code DD. This figure includes both the employee and employer paid shares of health insurance premiums and is for informational purposes only.

Form W-2 or any other document because they are exempt from federal and state income tax. Combat pay is indicated by code Q on Form W-2, box 12.

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.

"Your payroll deductions for the HSA account will be shown on your W-2 in Box 12, marked code 'W'. Because your payroll deductions were taken pretax, they are considered 'employer contributions' and are to be entered on Line 9 of form 8889.

Common codes used for Box 12 Letter code:Used for:D401(k) contributionsE403(b) contributionsF408(k)(6) contributionsG457(b) contributions5 more rows • Jun 5, 2023