What category is K on W-2 Box 14?
K is for the pre-tax dental and vision insurance deduction amount. This is the amount you had withheld during the year to pay for your dental and vision coverage. It is a reporting number only on the W2 itself and not used in calculating taxable wages.
What does K and V mean in Box 14 of 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), 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 on W-2 Box 12?
W-2, Box 12 Codes
| Box 12 Code | Description |
|---|---|
| H | Elective deferrals to a section 501(c)(18)(D) tax-exempt organization plan |
| J | Nontaxable sick pay |
| K | 20% excise tax on excess golden parachute payments |
| L | Substantiated employee business expense reimbursements |
What is the K tax code?
What is a K code? A ‘K’ tax code is seen less often and is used when total deductions due for company benefits, state pension or tax owed from previous years are greater than an employee’s personal allowance. This typically arises when an employee is provided with an expensive company car.
Do I have to report Box 14 on my taxes?
Employers use Box 14 on Form W-2 to provide other information to employees. 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.
Are K tax codes cumulative?
This means your new K code will be applied on a Week1/Month 1 basis, rather than cumulatively. It won’t be used to recalculate the tax paid for previous months, which is usually what happens when your tax code chnages.
Does W-2 require Box 14?
Does deferred compensation show up on W-2?
The W-2 has several boxes. Box 1 lists the compensation paid to you from the deferred compensation plan. Boxes 2, 3 and 4 list the amount of federal, Social Security wages and Social Security taxes withheld from the compensation.
Does deferred compensation get reported on W-2?
Form W-2 Reporting Requirements Any nonqualified plan deferrals will decrease the amount in Box 1. Deferrals and distributions may also be reported on Box 11 of Form W-2, he added. However, nothing is reported in Box 11 if deferrals and distributions occurred in the same year.
What is K tax?
K-1 Forms for trust and estate beneficiaries Trusts and estates use Form 1041 to file their tax returns. In some cases, the trust pays the income tax on their earnings rather than passing it through to the beneficiaries. However, some trusts and estates pass income through to the beneficiaries.
What does K in box 14 of W2 mean?
What does code K in box 14 in a W2 refer to? K is for the pre-tax dental and vision insurance deduction amount. This is the amount you had withheld during the year to pay for your dental and vision coverage. It is a reporting number only on the W2 itself and not used in calculating taxable wages.
What does box 14 mean on W2?
the lease value of a vehicle provided to an employee
What is in box 14 on W2?
Charitable contributions made through payroll deduction
What is code K in box 14?
– Income Menu – Rents, Royalties, Entities (Sch E, K-1, 4835, 8582) – K-1 Input and select ‘New’ and double-click on Form 1065 K-1 Partnership which will take you to the K-1 Heading Information Entry Menu. – After entering all of the information required on the K-1 Heading Information screen, select ‘OK’.