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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?

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Customer reply replied 4 months ago
Disregard the question about the reimbursement
Answered in 7 minutes by:
3/13/2018
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,893
Experience: IRS licensed Enrolled Agent and tax instructor
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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?

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Customer reply replied 4 months ago
I have something in BOX12A

What codes?

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Customer reply replied 4 months 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.

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Customer reply replied 4 months ago
therefore I select IRC125S, OR 125N?

Select where? What are you trying to do?

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Customer reply replied 4 months ago
I'm filing online through HR block

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

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Is the sec 125 listed in box 14?

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Customer reply replied 4 months 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.

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Customer reply replied 4 months 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?

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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.

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Customer reply replied 4 months 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).

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Customer reply replied 4 months ago
I was just told that the section is for insurance
Customer reply replied 4 months 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.

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