Get IRS Instruction W-3PR 2013

A Uncollected Social Security or RRTA tax on tips. ... B Uncollected Medicare tax on tips. ... C Taxable costs of group-term life insurance over $50,000 (included in W-2 boxes 1,3 (up to Social Security wages base), and box 5. D Elective deferral under a 401(k) cash or arrangement plan.

The W2 boxes and codes show the wages you've earned and any taxes paid through withholding. ... Box 2 Shows the total federal income tax that was withheld from your paycheck for the year. Include this amount on the federal income tax withheld line of your return (Form 1040, line 16).

Each W2 Form box 12 code is either a single or double letter code. The W2 Box 12 codes are: ... C Taxable costs of group-term life insurance over $50,000 (included in W-2 boxes 1,3 (up to Social Security wages base), and box 5. D Elective deferral under a 401(k) cash or arrangement plan.

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).

When you receive your IRS W-2 form each year from your employer, box 2, "Federal income tax withheld," shows the amount of tax money your employer deducted from your pay and sent to the IRS to cover the income taxes you owe.

Box 1: Wages, Tips, and Other Compensation - The gross taxable wage amount your employer paid you. ... Box 3: Social Security Wages - The amount of earnings your employers paid, not including tips, that is subject to Social Security tax.

Your employer will include that amount on your W-2, Box 1. The code V will be in Box 12. The difference between the option price and the FMV when you exercised your option is included in your W-2 income. So, you'll have already paid taxes on it.

The W2 Box 12 codes are: ... C Taxable costs of group-term life insurance over $50,000 (included in W-2 boxes 1,3 (up to Social Security wages base), and box 5. D Elective deferral under a 401(k) cash or arrangement plan. This includes a SIMPLE 401(k) arrangement.

Code "V" in Box 14 refers to contributions you made to "Non-Taxable Health Benefits".

Report the option on your 1040 as income at the appropriate time -- after you receive it or after you exercise it. You'll see the amount listed on your W-2 if you're an employee, or on a 1099 form for non-employees. Add the original purchase price to the taxable income you reported on the option.

Generally, contributions to your 401(k) or TSP plan will show up in box 12 of your W-2 form, with the letter code D. You can get to the W-2 section in TurboTax by searching for W-2 (upper- or lower-case, with or without the dash) and then clicking the Jump to W-2 link in the search results.

Employer contributions to 401k plan are not reported on the employees w-2, correct. Only your elective deferrals to the 401(k) are to be reported with code D in box 12 of your W-2. Employer matching or profit sharing contributions are not to be reported on your W-2.

Answer: In short, you don't. It doesn't show up anywhere on your 1040, because the amount you contributed has already been subtracted from the amount of wages reported on the W-2 that you received from your employer.

Per IRS guidelines, your employer doesn't include your pre-tax contributions in your taxable income and reports your contributions on boxes 1 and 12, respectively, of your form W-2. ... In the case of a Roth 401(k), you contribute with after-tax dollars.

Can You Deduct 401K Savings From Your Taxes? The contributions you make to your 401(k) plan can reduce your tax liability at the end of the year as well as your tax withholding each pay period. However, you don't actually take a tax deduction on your income tax return for your 401(k) plan contributions.