Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I'm a graduate student and I'm trying to figure out what the…

I'm a graduate student...

I'm a graduate student and I'm trying to figure out what the difference is between IRC125 AND IRC125S?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

On my W2 it just says IRC125

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Yes, also, I received a reimbursement from my department for 600 dollars for conference attendance. Does this need to be reported?

Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 1 month ago
Disregard the question about the reimbursement
Answered in 7 minutes by:
3/13/2018
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,572
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

IRC 125 are cafeteria plans aka employee benefits. It could be pretax health insurance, life insurance, HSA contribution, retirement arrangements, any benefits provided to employees for free or reduced rate like parking, commuting reimbursements, meals, the list is endless. 125S refers to a specific section of the IRS code.

Some of the benefits are reported in box 12 with certain codes. Do you have anything in box 12?

Ask Your Own Tax Question
Customer reply replied 1 month ago
I have something in BOX12A

What codes?

Ask Your Own Tax Question
Customer reply replied 1 month ago
DD?

DD is for value of your health insurance through your employer. It is section 125 benefit by is not included in your taxable income.

Ask Your Own Tax Question
Customer reply replied 1 month ago
therefore I select IRC125S, OR 125N?

Select where? What are you trying to do?

Ask Your Own Tax Question
Customer reply replied 1 month ago
I'm filing online through HR block

Are you trying to complete W2? This info generally does not need to be included anywhere.

Ask Your Own Tax Question

Is the sec 125 listed in box 14?

Ask Your Own Tax Question
Customer reply replied 1 month ago
Box 14
Choose your code(s). If there are no codes shown, leave this section blank. Learn more about Box 14 Entries - opens a simulated dialog - opens a simulated dialog
Special Instructions for:
CA state disability insurance contributions (CASDI / CAVPDI) Learn more about California Disability Fund Contributions - opens a simulated dialog - opens a simulated dialog
New York 414H and Section 125 Plan Amounts. Learn more

I see. What state do you live in?

Box 14 is for informational purposes only.

Ask Your Own Tax Question
Customer reply replied 1 month ago
New York

Assuming what's listed in your bo 14 is your contribution to state retirement plan, choose 125S. Do you have any 401K or 403b retirement plan?

Ask Your Own Tax Question

box 14 is type of miscellaneous box known as dump box. If the payroll company or employer do not know how to report certain items they put it in box 14, since box 14 allows description, unlike box 12 where you have to choose a specific code.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Okay and no I don't.

In that case you can ignore box 14, retirement contribution would be the only thing that would matter for NY state taxes. Anything that would affect your federal taxes is in box 1 or box 12 (executive parachute plans, for instance).

Ask Your Own Tax Question
Customer reply replied 1 month ago
I was just told that the section is for insurance
Customer reply replied 1 month ago
Okay, thanks.

That could be, life of medical. It will not make any difference since medical insurance is not included in your taxable income and life insurance is not deductible.

emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,572
Experience: IRS licensed Enrolled Agent and tax instructor
Verified
emc011075 and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?
Ask emc011075 Your Own Question
emc011075
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,572
3,572 Satisfied Customers
Experience: IRS licensed Enrolled Agent and tax instructor

emc011075 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I'm on Federal Disability, on my Federal Tax forms there are
I'm on Federal Disability, on my Federal Tax forms there are special provisions for this income. How do I handle it on my California State Income tax filling Married Joint? … read more
emc011075
emc011075
Tax adviser
3,572 satisfied customers
I owe Fed tax $300 and CA State Taxes $1667 and I have no
I owe Fed tax $300 and CA State Taxes $1667 and I have no money. What do I do? Send in completed forms anyway? … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,451 satisfied customers
I filed my state and federal taxes electronically and then
I filed my state and federal taxes electronically and then realized that I accidentally omitted something that significantly changes my refund from the federal and my payment to the state. I need to f… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
I change jobs and cashed out a retirement plan to pay some
I change jobs and cashed out a retirement plan to pay some bills. Now it appears after what they took out, I will still owe about $6000. What type of payment options are there And what type of interes… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I receive police disability retirement (non tax) state and
I receive police disability retirement (non tax) state and federal however; I have a 1099R. how do I note this or should I and where on the tax form? … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
83 satisfied customers
I have 2017 Disaster Retirement Plan Distribution from IRA
I have 2017 Disaster Retirement Plan Distribution from IRA in the amount of $22,769.00. Due to Tax relief for victims of disaster, I chose to pay 1/3 of the amount ($7589.00) and I got taxed on that a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I took an early withdrawal from my retirement plan. They
I took an early withdrawal from my retirement plan. They withheld federal tax at the time of the distribution ($5k distribution, $1k withheld) is that reported on 15a page 1 of your 1040 and does it require a supporting schedule? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,043 satisfied customers
Can I issue an employee a 1099 for reimbursed medical
can I issue an employee a 1099 for reimbursed medical payment? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I would like the phone number to the irs to pay my ca state
Hello, I would like the phone number to the irs to pay my ca state taxes. it is not very simple over the phone with the computer. A real person with my credit card please. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
Retirement/Plan Tax Question: Taxpayer has an LLC consulting
Retirement/Plan Tax Question: Taxpayer has an LLC consulting partnership. TP also has been and continues to be a W2 employee (minister) of large well-established denomination. TP's LLC is related, but… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Robin, I'm still looking to withdraw my retirement plan
Hi Robin, I'm still looking to withdraw my retirement plan funds from the US and into Portugal. They are with TIAA-CREF and Vanguard. My questions are 1) what is the easiest form to have these funds i… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Has the IRS made any ruling on the deduction of state
Has the IRS made any ruling on the deduction of state withholding tax and real estate taxes on Schedule A for 2018. Will there be a requirement to deduct withholding in total before moving to real est… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
If someone files and receives disability in California, what
If someone files and receives disability in California, what are the maximum amounts and payment types they can receive from a private C corporation they are a majority shareholder in? For consulting … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
Can I submit the federal taxes with an itemize deduction and
Can I submit the federal taxes with an itemize deduction and the state with a standard deduction form? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I am ready to send my 2016 CA State Taxes in. The 540
I am ready to send my 2016 CA State Taxes in. The 540 Instructions say to attach my Fed 1040 with Schedules etc. I prepared my 1040 with Turbo Tax and my downloaded copy is 110 pages long with all wor… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
169 satisfied customers
Is Medical Mileage included in the .5% medical deductions or
Is Medical Mileage included in the .5% medical deductions or is a separate deduction … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Employee Benefits - An employer has 12 employees and is
Employee Benefits - An employer has 12 employees and is going to pay 100% of disability insurance for each employee. 1. Does this amount need to be added to employees gross pay? 2. Is employer allowed… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am disabled, i have no taxable income but i was told that
hi, i am disabled, i have no taxable income but i was told that i could get the proff of all the medication i had to buy this and get money back … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x