What do the letter codes in box 14 of my W-2 mean?

What do I enter? In most cases, the information that your employer lists in Box 14 of your W-2 does not affect your income tax return. In fact, for many Box 14 entries, the IRS does not even provide a place for it to get reported on your return forms.

What is Box 14 on W-2 for federal employees?

Box 14 – The following items, and their respective amounts, will be shown in this box: FEHB Premium Conversion– This reflects the amount of FEHB Premiums (this amount is not included in Boxes 1, 3, and 5, unless you opted out), HSA – (Health Savings Account) Shows any employer contributions to an HSA.

What is code a box 14?

Line 14A – Net Earnings (Loss) from Self-Employment – Amounts reported in Box 14, Code A represent the amount of net earnings from self-employment. For Limited Partners this amount generally includes any guaranteed payments received for services rendered to or on behalf of the partnership.

What does RSU Box 14 mean?

restricted stock units
w2 box 14 The company paid tax for RSU restricted stock units. It is important that Turbotax allows to enter RSU and the amount in box 14. RSU must appear on the screen as it is printed on W2 box 14. Company sold RSU shares to pay for federal income tax.

How do I fill out a box 14 on my taxes?

Employers can put just about anything in box 14; it’s a catch-all for items that don’t have their own dedicated box on the W-2. In TurboTax, enter the description from your W-2’s box 14 on the first field in the row. Enter the dollar amount and select the correct tax category that goes with that description.

What is line 14 on your W-2?

Box 14: Your employer may report additional tax information here. If any amounts are reported in Box 14, they should include a brief description of what they’re for. For example, union dues, employer-paid tuition assistance or after-tax contributions to a retirement plan may be reported here.

Where do I find Schedule 2 on my tax return?

Schedule 2 Part I Tax. If entries are made on Schedule 2, the form would accompany Form 1040 or the new 1040-SR Form. Before the Tax Cuts and Jobs Act reform was passed, Tax was on lines 45 and 46 on Form 1040. Beginning in tax year 2019, Tax is now listed on lines 1 and 2 of Schedule 2.

What is Box 14 on W-2 used for?

Do I have to report Box 14 on my taxes?

Generally, the amount in Box 14 is for informational purposes only; however, some employers use Box 14 to report amounts that should be entered elsewhere on your return. Note. If you have questions regarding the information reported in Box 14, contact the employer that issued the W-2.

How do I report an RSU Box 14?

What is an “Imputed RSU” in box 14 of a W2?

The income section.
Scroll to Investment Income.
Select Stocks, Mutual Funds …
Select your broker.
Continue and select the RSU.
On the data entry screen, at the bottom you should select I’ll Enter Additional Info on my own.

What does code V in box 14 of my W2 mean?

Code “V” in Box 14 refers to contributions you made to “Non-Taxable Health Benefits”. (I am reading this description off the back of my W-2.) Box 14 is where taxable fringe benefits are summarized, but it does also include a documentation of several Non- Taxable items (i.e., via pre-tax dollars),…

What is box 14 on my W2?

Box 14 of Form W-2 is for “information only” and is not required information, nor does it “balance” or reconcile to any other payroll tax forms or calculations. Savvy employers can use Box 14 to report any financial information to employees they wish to communicate.

What are box 14 codes?

Box 14 is where taxable fringe benefits are summarized, but it does also include a documentation of several Non- Taxable items (i.e., via pre-tax dollars), such as: code K (non-taxable dental/vision deductions); code V (non-taxable health benefits); code Y (non-taxable flexible spending accounts [FSA]).

What is code K in box 14?

Code K, in Box 14, is the amount you contributed toward your Dental and/or Vision coverage. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!