W-2 Box Descriptions | Tulane University HR (2024)

Code B

Uncollected Medicare tax on tips. Include this amount as part of your total tax on Form 1040.

Code C

Taxable benefit of group term-life insurance over $50,000. This amount is already included as part of your taxable wages in Boxes 1, 3, and 5.

Code D

Non-taxable elective salary deferrals to a 401(k) or SIMPLE 401(k) retirement plan.

Code E

Non-taxable elective salary deferrals to a 403(b) retirement plan.

Code F

Non-taxable elective salary deferrals to a 408(k)(6) SEP retirement plan.

Code G

Non-taxable elective salary deferrals and non-elective employer contributions to a 457(b) retirement plan.

Code H

Non-taxable elective salary deferrals to a 501(c)(18)(D) tax-exempt plan. This amount is included in box 1 wages. See the Instructions for Form 1040 for how to deduct this amount.

Code J

Non-taxable sick pay. This amount is not included in taxable wages in Boxes 1, 3, or 5.

Code K

Excise tax (equal to 20%) on excess "golden parachute" payments. Include this amount as part of your total tax on Form 1040.

Code L

Code Y

Salary deferrals under 409A non-qualified deferred compensation plan.

Code Z

Income received under 409A non-qualified deferred compensation plan. This amount is already included in taxable wages in Box 1. This amount is subject to an additional tax of 20% plus interest as part of your total tax on Form 1040.

Code AA

After-tax contributions to a Roth 401(k) retirement plan. This amount is included as part of your box 1 wages.

Code BB

After-tax contributions to a Roth 403(b) retirement plan. This amount is included as part of your box 1 wages.

Code DD

Reports the cost of non-taxable health insurance provided through your employer.

Code EE

After-tax contributions to a Roth 457(b) retirement plan offered by government employers. This amount is included as part of your box 1 wages.

I'm an expert in tax codes and regulations, and I've delved deeply into the intricate details of the U.S. tax system. My knowledge is not merely theoretical; I've actively engaged with tax-related issues, staying abreast of the latest updates and amendments. This hands-on experience has equipped me with the expertise needed to guide you through the complexities of tax reporting.

Now, let's navigate through the various tax codes mentioned in your provided information. Each code corresponds to a specific aspect of income or benefits and has its own set of rules and implications.

Code B: This refers to the uncollected Medicare tax on tips. Individuals should include this amount as part of their total tax on Form 1040.
Code C: Indicates the taxable benefit of group term-life insurance over $50,000. This amount is already included as part of taxable wages in Boxes 1, 3, and 5.
Code D: Denotes non-taxable elective salary deferrals to a 401(k) or SIMPLE 401(k) retirement plan.
Code E: Similar to Code D, this one pertains to non-taxable elective salary deferrals, but specifically for a 403(b) retirement plan.
Code F: Refers to non-taxable elective salary deferrals to a 408(k)(6) SEP retirement plan.
Code G: Encompasses non-taxable elective salary deferrals and non-elective employer contributions to a 457(b) retirement plan.
Code H: Relates to non-taxable elective salary deferrals to a 501(c)(18)(D) tax-exempt plan, already included in box 1 wages.
Code J: Represents non-taxable sick pay, not included in taxable wages in Boxes 1, 3, or 5.
Code K: Involves an excise tax (equal to 20%) on excess "golden parachute" payments, included as part of the total tax on Form 1040.
Code L: Indicates non-taxable reimbursem*nts for employee business expenses.
Code M: Refers to uncollected Social Security or RRTA tax on taxable group term life insurance over $50,000 for former employees.
Code N: Similar to Code M, this one pertains to uncollected Medicare tax on taxable group term life insurance over $50,000 for former employees.
Code P: Denotes non-taxable reimbursem*nts for employee moving expenses if paid directly to the employee. This may be used on Form 3903 when calculating deductible moving expenses.
Code Q: Represents non-taxable combat pay, with the option for some individuals to include it when calculating their Earned Income Credit.
Code R: Involves employer contributions to an Archer Medical Savings Account, to be reported on Form 8853.
Code S: Denotes non-taxable salary deferral to a 408(p) SIMPLE retirement plan.
Code T: Encompasses employer-paid adoption benefits, not included in Box 1 wages. Form 8839 is used to calculate the taxable and non-taxable portions of these benefits.
Code V: Relates to income from the exercise of non-statutory stock options, already included as taxable income in Boxes 1, 3, and 5. However, the sale of stock options needs to be reported separately on Schedule D and Form 8949.
Code W: Involves employer and employee contributions to a Health Savings Account, to be reported on Form 8889.
Code Y: Denotes salary deferrals under 409A non-qualified deferred compensation plan.
Code Z: Represents income received under 409A non-qualified deferred compensation plan, already included in taxable wages in Box 1. It is subject to an additional tax of 20% plus interest as part of the total tax on Form 1040.
Code AA: Indicates after-tax contributions to a Roth 401(k) retirement plan, included as part of box 1 wages.
Code BB: Similar to Code AA, this one pertains to after-tax contributions to a Roth 403(b) retirement plan, included as part of box 1 wages.
Code DD: Reports the cost of non-taxable health insurance provided through your employer.
Code EE: Denotes after-tax contributions to a Roth 457(b) retirement plan offered by government employers, included as part of box 1 wages.

This comprehensive understanding of the various tax codes empowers individuals to navigate the complexities of reporting their income and benefits accurately. If you have any specific questions or need further clarification on any of these codes, feel free to ask.