W2 Line 12a

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Latest post 02-06-2008 1:48 AM by Taxagent. 1 replies.
  • 02-05-2008 8:20 PM

    Question [=?] W2 Line 12a

    On my W2 form, line 12a there is a code "D" and then an amount of $8999.07. What is this? A deduction or income? Thanks Kevin

    I'm just fumbling along doing the best I can. 

    My excuss is subdural hematoma.  What's yours?

  • 02-06-2008 1:48 AM In reply to

    Feedback [*=*] re: W2 Line 12a

    The W-2 should have come with information (which may be on the back) that explains these codes. The "D" in box 12 tells you amounts that were elective deferrals to a § 401(k) plan. This is important information because if your total elective deferrals (contributions that are generally not taxed) exceed $15,500 then the excess over $15,500 is included in income and taxed. You must add up your contributions to all such plans to determine if you are over the $15,500 limit. That is why that information is there, to help you figure out whether you are over the limit and thus have taxable income. If this was your only § 401(k) plan, then you are not over the limit and there won't be anything included in your income from these contributions. See the following IRS web page for more information (though it uses some dated examples, the basic information is good):
    http://www.irs.gov/retirement/sponsor/article/0,,id=151925,00.html
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