Question about something on a W-2 Form?

Question

My uncle has " D 2515.05 " In box 12a on his W-2 form .. what does this mean ... does he need to put it on his Tax-Return? Thanks

Answer 1

Box 12. The following list explains the codes shown in
box 12. You may need this information to complete your tax
return. Elective deferrals (codes D, E, F, and S) and designated Roth contributions (codes AA and BB) under all plans are generally limited to a total of $15,500 ($10,500 if you only have SIMPLE plans; $18,500 for section 403(b) plans if you qualify E—Elective deferrals under a section 403(b) salary reduction agreement for the 15-year rule explained in Pub. 571). Deferrals under code G are limited to $15,500. Deferrals under code H are limited to $7,000.

Yes, this has to be disclosed on your tax return.

Answer 2

It tells what you earned for the year 2007 and how much taxes were withheld by the employer. You should get a form 1040 (probably 1040-EZ), read the instructions, and fill it out. You will probably get a refund if you only worked for a short time. The IRS will send you a check.

Answer 3

This means he had $2515.05 in contributions to a 401(k).

If he had no other entries in Box 12 and his income was under the threshold for Social Security wages, that amount should be the difference between Federal Wages and Social Security wages.

Answer 4

Code D is a 401K contribution. It has already been taken out of his box 1 taxable income, so it doesn't have to be shown again. If he's using tax software that has a place to enter it, he should, but if he's filling out a paper form, then no, he doesn't enter it anywhere.

Answer 5

Everything on the W-2 must be filled-in on the tax return form or you will get in trouble with the IRS.

Answer 6

It is "uncollected social security tax on tips" that must be reported on 1040. Here's a link to the W-2 instructions.