Get IRS W-2GU 2011

Deferred compensation is a type of employer-sponsored benefits plan where a company places assets into a special account. The employees are able to take the compensation at a later date. ... Add the W-2 income from your deferred compensation with any other W-2 income you have.

How deferred compensation is taxed. Generally speaking, the tax treatment of deferred compensation is simple: Employees pay taxes on the money when they receive it, not necessarily when they earn it. ... The year you receive your deferred money, you'll be taxed on $200,000 in income 10 years' worth of $20,000 deferrals.

You are also taxed on the earnings you get on your deferrals when such amounts are paid to you with the deferred compensation. ... Thus, compensation paid in the form of stock or options that are currently nontransferable or subject to a risk of forfeiture amount to deferred compensation.

A non-qualified deferred compensation (NQDC) plan allows a service provider (e.g., an employee) to earn wages, bonuses or other compensation in one year but receive the earnings and defer the income tax on them in a later year.

A nonqualified deferred compensation plan (NQDC) allows executives to defer income until a later date, therefore avoiding paying income tax until the money is paid out. While the cash is in "deferral mode," you can select from a plan-specific menu of investment choices to capitalize on tax-deferred growth.

The W2 Box 12 codes are: A Uncollected Social Security or RRTA 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.

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.

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).

A Control Number (Box D) is used by many payroll departments to uniquely identify a W-2 in their system. If your W-2 doesn't have one, it's no big deal you can simply leave it blank. ... The IRS doesn't care what's in Box D because its use by payroll departments is optional.

Employers that are subject to this requirement should report the value of the health care coverage in Box 12 of the Form W-2, with Code DD to identify the amount.

Sending W-2 Forms to the SSA By Mail Send the forms by U.S. Postal Service to the Social Security Administration at: Data Operations Center, Wilkes-Barre, PA 18769-0001.

Each year, employers are required to send a report to employees showing their total wages and deductions, so the employees can include the information on their income tax returns. The reports must also be filed with the Social Security Administration. This report is a W-2 form.

Federal law requires all employers to send employees W-2 statements no matter how low earnings or wages are. These W-2 statements can be sent in either paper or digital form and must be received by employees no later than January 31 of the following year. Employers must also file a copy of employee W-2s with the IRS.

The IRS requires employers to issue W-2s to their employees by January 31 (additional important dates here). ... In additional to individual taxpayers, employers also report earnings to the IRS, so if a W-2 is not reported by the taxpayer, the IRS will be made aware.

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.