Re: what is the 12b (c) number on my W2 form?



In article <1186656898.130102.203300@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>,
<ericw100@xxxxxxxxx> wrote:
Hi,
I am confused about the very small amount recorded in box 12b with a
code C on W-2 forms. Should this number be reported on a Federal 1040
and state tax return forms? If so, where?

Also, in box 13, item: Ret. plan was checked with an X. What does this
mean?
Is that a retirement plan? I have left the company last recently, and
didn't join any retirement plan in my memory.


All that should be explained in the fine print on the back of
Copy B of the W-2 form.


The box 12 code c is the amount of taxable premium paid by your
company for the cost of group life insurance over 50,000.



Premiums they pay for the first 50,000 are not taxable.
The IRS has a formula for them to use to calculate the amount
of taxable premium for someone your age for amounts over
50,000.



That box 12 amount is already included in box 1 so you don't
have to do anything special with the box 12 item. Info only.


The pension checkbox says that for at last one day during
the year you qualified for a pension plan or an employer
defined contribution plan, even if you did not knowingly
make contributions.


It means if you wish to contribute to an IRA, your ability
to deduct that IRA contribution depends on your adjusted
gross income.
--


ArtKamlet at a o l dot c o m Columbus OH K2PZH
.