What does code DD in box 12 mean?
Employers. The Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan on an employee’s Form W-2, Wage and Tax Statement, in Box 12, using Code DD.
What is DD Box 12 on w2?
Health Insurance Cost on W-2 – Code DD It is included in Box 12 in order to provide comparable consumer information on the cost of health care coverage. In general, the amount reported will include the portion paid by the employer as well as the portion paid by the employee.
Can you claim Box 12 dd?
The amount shown on your W-2, Box 12, using Code DD, represents the of the cost of pre-tax employer-sponsored health coverage, and is for your information only. The amount reported with Code DD is not taxable, but neither can it be claimed as a tax deduction (medical expense) by an individual taxpayer.
What does D and DD stand for on w2?
D : Contributions to your 401(k) plan. DD: Cost of employer-sponsored health coverage.
What goes in Box DD on W-2?
DD – Code DD includes cost of employer-sponsored health coverage. Information only.
Do you have to report Box 12 on W-2?
No – While it’s important to enter all the information on your W-2, you don’t need to file an amended return. The items listed in Box 12 of your W-2 are informational and are covered elsewhere on the form.
What do I put for Box 12 on my taxes?
The W-2 box 12 codes are:
- A – Uncollected Social Security tax or Railroad Retirement Tax Act (RRTA) tax on tips.
- B – Uncollected Medicare tax on tips.
- C – Taxable costs of group-term life insurance over $50,000 (included in W-2 boxes 1,3 (up to Social Security wages base), and box 5); Taxable costs are information only.
Is Box 12 dd taxable?
The DD code reporting is a requirement of the Affordable Care Act and first started being reported in 2012. Note that this code is for reporting purposes only. It is not a taxable amount.
What can I put in box 12 on my taxes?
What code do I use for box 12?
You must report the cost of employer-sponsored health coverage in box 12 using code DD. However, transitional relief applies to certain employers and certain types of plans. For more information, see Box 12—Codes for Code DD—Cost of employer-sponsored health coverage.
Is Box 12 Code DD required?
Employers that are subject to this requirement should report the value of the health care coverage in Box 12 of the Form W-2PDF, with Code DD to identify the amount.