Box 14 has no description, but I am told that it is pre-taxed payment to my Aflac insurance policy? What am I supposed to do with that? Anything or just leave it alone? I'm fillinf out my 1040.
2007-02-10 10:35:51 · 2 answers · asked by wabcbrian 1 in Business & Finance ➔ Taxes ➔ United States
You don't need to do anything with it. It will already have been subtracted out of your box 1 federal income. Depending on where you live, it might be included in state or local income.
2007-02-10 10:47:08 · answer #1 · answered by Judy 7 · 1⤊ 1⤋
Box 14 is for retirement accounts. Could be Pa-sui which would include 401K or 403 B accounts or others too. There are a dozen different ones. ASK your employer which you have or look on the back of your W-2 and it may say there. On line 51 of your 1040 is where you would list this. Fill out form 8880 to see how much to list here. It is a worksheet for Qualified Retirement and Savings Contributions. You will also include this form along with your return. If they took it out, they must know(EMPLOYER) Doing it this way will get you a discount on your taxes.
2007-02-10 18:48:49 · answer #2 · answered by Deb 5 · 0⤊ 1⤋