What is code AA on W 2?
What is code AA on W 2?
| Box 12 Code | Description |
|---|---|
| Z | Income under section 409A on a nonqualified deferred compensation plan. This amount is also included in box 1. It is subject to an additional 20% tax plus interest. |
| AA | Designated Roth contributions under section 401(k) plan |
| BB | Designated Roth contributions under section 403(b) plan |
Is Box 12 AA deductible?
The code AA shown in Box 12 of your W-2 indicates a contribution to a Roth 401(k). Unlike Traditional 401(k) contributions (which are pre-tax), Roth 401(k) contributions are included in income (i.e, not deductible). For more information, please see IRS Retirement Plans FAQs for Designated Roth Accounts.
What goes in box 12a on 1040?
Line 12a reports the total amount of the distribution and line 12b reports the taxable portion, if any. Next to line 12b, write “rollover.” If you’re rolling the money from one tax-deferred account to another, such as from a 401(k) to another 401(k) or traditional IRA, the entire rollover is tax-free.
What does Box 12 code AA mean on W2?
AA — Designated Roth contribution under a 401(k) plan. BB — Designated Roth contributions under a 403(b) plan.
What do Box 12 codes mean on W2?
Box 12 codes A: Uncollected social security or RRTA tax on tips reported to your employer. AA: Designated Roth contributions under a section 401(k) plan. B: Uncollected Medicare tax on tips reported to your employer (but not Additional Medicare Tax) BB: Designated Roth contributions under a section 403(b) plan.
What is code AA on box 12 of W-2?
What does 12b AA mean on W-2?
Designated Roth contributions
Box 12 codes A: Uncollected social security or RRTA tax on tips reported to your employer. AA: Designated Roth contributions under a section 401(k) plan. B: Uncollected Medicare tax on tips reported to your employer (but not Additional Medicare Tax)
What do the codes in box 12 on W2 mean?
Uncollected social security
Box 12 codes A: Uncollected social security or RRTA tax on tips reported to your employer. AA: Designated Roth contributions under a section 401(k) plan. B: Uncollected Medicare tax on tips reported to your employer (but not Additional Medicare Tax) BB: Designated Roth contributions under a section 403(b) plan.
What do boxes 12a and 12b on W2?
The lines labeled 12a, 12b, 12c, and 12d (sometimes listed as 12a-d) on your W-2 are just line labels, not codes. Don’t enter these line labels. For example, if you see “D” on line 12a, enter “D” in TurboTax, not “a”. And if line 12a is blank, don’t enter anything.