code C on W-2 in box 12

[POCAHONTAS]

Code C on W-2 in box 12 indicates taxable cost of group term life insurance, Do I need to do something with it or is it just informational?? Also there is an amount in box 14 which is VPDI is that also just informational or what do I do with it??? Thank you so much for any help

[BOB W]

Code C on W-2 in box 12 indicates taxable cost of group term life insurance, Do I need to do something with it or is it just informational?? Also there is an amount in box 14 which is VPDI is that also just informational or what do I do with it??? Thank you so much for any help

If you are electronic filing you should be putting all W-2 info in the program, no exceptions. Some items in box 12 effect the outcome of the return, like lower income 401k code D. The same goes for box 14 like disability withheld.

[S T]

W-2 form codes

Code C - premiums for group life insurance in excess of $50,000 is already included in Box 1 wages. Informational purposes only.

Box 14 - VPDI is indicating that your taxpayer's employer is under a "voluntary plan for state disability" not the State Plan. In which case if it is an Employer Voluntary plan you can not include the amount for a deduction on Schedule A - other state taxes paid, line 5. On the State plans can be deducted, such as CA SDI if you are in Calif.

Here is a link to some codes that might assist you http://taxes.about.com/od/formw2/a/IRSFormW2_5.htm

Sandy

[POCAHONTAS]

thank you Bob and Sandy

That was very helpful