Box 12 Letter L

The upper case capital letters in box 12 stand for different things and are listed below.

Box 12 letter l.

This amount represents the social security and medicare tax on the tips you reported to your employer. Here are some tips for deciphering the box 12 codes on your w 2 form. The lacerte program will take the amount from the w 2 box 12 code l and report it on the 1040 line 1 as income if a 2106 is required based on screen 30 vehicle employee business expenses 2106. Starting in tax year 2018.

To enter the w 2 box 12 amount. Uncollected medicare tax on tips but not additional medicare tax c. A uncollected social security or rrta tax on tips. Lines a b c and d of box 12 on form w 2 contain miscellaneous additional compensation and benefits each identified with a letter code.

Any reimbursement amount that is greater than the expense will flow to the 1040 line 1 as additional income. These lowercase letters don t mean anything. B uncollected medicare tax on tips. Include this tax on form 1040 schedule 4 line 58.

Elective deferrals under a section 401 k cash or deferred arrangement plan including a simple 401 k arrangement e. Each amount entered in box 12 has an uppercase code that stands for something. Box 12 of form w 2 with code l reports substantiated employee business expense reimbursements. Each w2 form box 12 code is either a single or double letter code.

Uncollected social security and medicare tax on tips. Having a list of words with a specific letter or combination of letters could be what you need to decide your next move and gain the advantage over your opponent. These are the letter codes you ll need to enter into turbotax. See the box 12 instructions for code l substantiated employee business expense reimbursements.

Use box 14 if railroad retirement taxes apply use box 14 if railroad retirement taxes apply payments made under a nonaccountable plan are reported as wages on form w 2 and are subject to federal income tax withholding and social security and. If there aren t any capital letter codes in box 12 skip it and move on to box 13 in each box 12 line simply select the capital letter code from the drop down list and enter the corresponding amount. If you do not use this expense the unused amount would be taxed as wages. The w2 box 12 codes are.

Any amount on a box 12 line will also have an upper case capital letter code associated with it. From within your taxact return online or desktop click on the federal tab. Taxable cost of group term life insurance over 50 000. Include this tax on form 1040 schedule 4 line 58.

Your w 2 has four sections in box 12 labeled 12a 12b 12c and 12d. C taxable costs of group term life insurance over. They just give your employer space to provide more information you need to prepare your tax return. The lines labeled 12a 12b 12c and 12d sometimes listed as 12a d on yo.