W-2 Box 12

[oceanlovin'ea]

S corp shareholder/employee has gross wages of $56,000. Of that amount, 8000.00 is his health insurance that is not included in social security and medicare wages. So box 1 will read 56,000. and box 3 and 5 will read 48,000.

Do I need to put an explanation of the difference between box 1 and 3 in box 12? If so, what would I put?

Thanks

Linda

[S T]

Reviewed one

I processed my S Corp >2% shareholder's W-2 through Quickbooks, Box 1 includes wages and shareholders insurance, box 3 and 5 are box 1 less the insurance, and the notation is in box 14- Other S Corp MP for the difference.

Sandy

[Uncle Sam]

W-2 Box 12

It doesn't get reported in Box 12 - that's for the deferred compensation items.

It PROPERLY gets reflected in Box 14 as S Corp Health Insurance (or any description you can identify it with in that box, so the preparer of the return knows to back it out on the S/E Health Insurance line.
(Just wish IRS would designate codes for Box 14 that are uniform for items like this).

[oceanlovin'ea]

Box 14

That is why box 12 codes didn't make any sense. I was looking at the wrong box.

Thanks bunches.

Linda

[Black Bart]

Tell you what...

It doesn't get reported in Box 12 - that's for the deferred compensation items.

It PROPERLY gets reflected in Box 14 as S Corp Health Insurance (or any description you can identify it with in that box, so the preparer of the return knows to back it out on the S/E Health Insurance line.
(Just wish IRS would designate codes for Box 14 that are uniform for items like this).

You just gotta give these New York guys credit (Granny always said people up North know lotsa stuff). Between Sam and NYEA and Bob, we've got a good thing goin' here.