What does D and DD stand for on W-2?

D : Contributions to your 401(k) plan. DD: Cost of employer-sponsored health coverage.

What does DD mean on my paystub?

If you have Direct Deposit, the amount printed on your paycheck as “Deposit” represents the net direct deposit (DD NET), not the gross of all your direct deposits. If you have only one direct deposit bank account the amount of your check will be your net pay after deductions.

Is health insurance reimbursement taxable income?

So…is health insurance reimbursement considered income? No. Unlike a healthcare stipend, with a health insurance reimbursement, employers don’t have to pay payroll taxes and employees don’t have to recognize income tax. In addition, reimbursements made by the company count as a tax deduction.

What does Box 12 D mean?

D – Elective deferral under a Section 401(k) cash or arrangement plan. This includes a SIMPLE 401(k) arrangement.

What does DD mean on tax form?

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.

How does code DD affect my taxes?

What does 12 DD mean on W2?

The amount shown on your W-2, Box 12, using Code DD, represents the of the cost of pre-tax employer-sponsored health coverage, and is for your information only. The amount reported with Code DD is not taxable, but neither can it be claimed as a tax deduction (medical expense) by an individual taxpayer.

What does box 12 mean on W2?

When you get your W-2, you might notice some new information on the form. Box 12 is where employers will report the cost of your workplace`s group health insurance coverage. This amount is both the amount the business pays as well as the premiums paid via payroll deductions by the workers.

What is box 12 D on W-2?

On my w2, in box 12 D is the amount of my contributions for my 401k. Do I enter that same amount in the section for IRA contributions? No; an IRA is *not* a 401 (k), and vice versa. You enter your 401 (k) contributions in W-2 Box 12 with uppercase code D, just as your employer reported it.

What’s in Box 12 of my W-2?

The W-2 Box 12 codes provide more information and determine if the amount is income. However, if any amount is gross income, it’s already included in W-2 Box 1. Each W2 Form box 12 code is either a single or double letter code. The W2 Box 12 codes are: A – Uncollected Social Security or RRTA tax on tips.