Anybody about this

[rfk]

Hi all,

Anyone know what L P&I stands for in Box 14 of the W-2? Not seen this before in box 14.

Thanks for your help.

rfk

[taxea]

You need to get the codes from the issuer of the W-2

[rfk]

Thanks

I will call K P which issued the W-2

[Lion]

Loan principal and interest? Is he repaying his 401(k)? Ask your client. Have him ask his employer.

[JohnH]

From the instructions:

Box 14—Other. If you included 100% of a vehicle's annual lease value in the employee's income, it also must be reported here or on a separate statement to your employee. You also may use this box for any other information that you want to give to your employee. Label each item. Examples include state disability insurance taxes withheld, union dues, uniform payments, health insurance premiums deducted, nontaxable income, educational assistance payments, or a member of the clergy's parsonage allowance and utilities. In addition, you may enter the following contributions to a pension plan: (a) nonelective employer contributions made on behalf of an employee, (b) voluntary after-tax contributions (but not designated Roth contributions) that are deducted from an employee's pay, (c) required employee contributions, and (d) employer matching contributions.


As taxea and Lion said, you're going need the employer's input on this.

[FEDUKE404]

Good chance

Loan principal and interest? Is he repaying his 401(k)? Ask your client. Have him ask his employer.

My vote is with Lion.

Loan principal and interest - the infamous "you're paying yourself" misnomer.

FE

[ChEAr$]

My vote is with Lion.

Loan principal and interest - the infamous "you're paying yourself" misnomer.

FE

There is no reason why anything connected with a 401k loan would appear on a W2 form.
The amount of interest "paid" is purely internal to the 401k and has no tax consequence per se.

Only if the loan is not repaid would client then get a 1099R since the loan would be income, code 1 at that probably.

[FEDUKE404]

It's an INFORMATION entry!

There is no reason why anything connected with a 401k loan would appear on a W2 form.
The amount of interest "paid" is purely internal to the 401k and has no tax consequence per se.

Only if the loan is not repaid would client then get a 1099R since the loan would be income, code 1 at that probably.

I don't think the "tax consequences" have any relevance to many items printed in Box 14 of a Form W2. Over the years I've seen just about everything there, except perhaps "pizza payments." It can certainly serve as an "information box."

Box 14—Other. If you included 100% of a vehicle's annual lease value in the employee's income, it also must be reported here or on a separate statement to your employee. You also may use this box for any other information that you want to give to your employee. Label each item. Examples include state disability insurance taxes withheld, union dues, uniform payments, health insurance premiums deducted, nontaxable income, educational assistance payments, or a member of the clergy's parsonage allowance and utilities.

Of course, your point on the unrelated Form 1099R "payback" observation is correct.

I'm sure the original poster will let us all know when the answer is available.

FE

[JohnH]

Knowing the employer's type of business and/or the type of job the client held might also provide a clue. If it's a large employer or government entity, their employee web site would probably describe the codes used in payroll processing and which would likely appear on the W-2.