Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-10-2015, 03:12 AM
Junior Member
 
Join Date: Feb 2015
Posts: 1
Need help with W-2 Box 12 entry

I am helping a friend with her tax preparation and she received a W-2 for $1608.00 she received while she was off work for medical issues.
(although the form doesn't say "Form W-2" it looks exactly like a W-2)
Box 1 $1608.00
Box 2 $0
Box 4 $99
Box 6 $23
Box 12 shows exactly this: 12a 12b 12c 12d 12e
Box 13 is marked X on "Third-Party Sick Pay"

TurboTax doesn't allow for these Box 12 entries.
I'm hoping someone can explain if this amount is taxable and how I can enter this form in my tax prep program
Thank you



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-11-2015, 12:59 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,230
Quote:
Originally Posted by ajz3113 View Post
I am helping a friend with her tax preparation and she received a W-2 for $1608.00 she received while she was off work for medical issues.
(although the form doesn't say "Form W-2" it looks exactly like a W-2)
Box 1 $1608.00
Box 2 $0
Box 4 $99
Box 6 $23
Box 12 shows exactly this: 12a 12b 12c 12d 12e
Box 13 is marked X on "Third-Party Sick Pay"

TurboTax doesn't allow for these Box 12 entries.
I'm hoping someone can explain if this amount is taxable and how I can enter this form in my tax prep program
Thank you
12-a-e; It is already subtracted from your taxable income . No need to report this tax deferred contribution. Your 401K contribution is tax deferred and you will notice a difference between box 1 and box 3. The difference is your 401K money and it is not taxed.
. Third party sick pay is money you received by third parties, such as insurance companies, or trusts, that pay sick pay in place of wages. These payments are made under a plan established with your employer. third party sick pay is taxable. it should already have been included in box 1 on your W-2 from your job. if not, you need to add this amount to your taxable wages on your W-2 . you need to contact the software vendor for tech support.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning