W-2 question

[philipk65]

What is the name of your state (only U.S. law)? (California)

Hi, I need to know what the dollar amounts are for on my W-2 line 12.

line 12a C - $32
12b E - $400

Where do I plug these numbers into

Correct me if I'm wrong.

The $32 is already calculated into my wage's, S.S. wages, and Medicare wages.(W-2 lines 1,3,5)

The $400, I would have to figure out a dollar amount using Form 8880 and plug that number into line 51 (retirement saving contribution credit) on the 1040.

I'm I correct with all this? Thanks! Kevin

 

[FlyingRon]

Correct, the $32 B code is excess insurance paid by the employer and you were taxed...this is merely an explanation to you as to the discrepency between your pay checks and your reported taxable income. You don't "plug them" anywhere.

The E code ($400) is a 403(b) (you're a teacher or municipal employee right) contribution. Again, you don't need to report this anywhere. You might qualify for a "retirement savers" tax credit though:

Tax Topics - Topic 610 Retirement Savings Contributions Credit

 

[philipk65]

How can I find out for sure that I can take that credit?

 

[FlyingRon]

If the link that I provide you doesn't help you enough, you'll need to contact a tax professional.

Generally, you have to make a contribution and have a lower income. The rate starts phasing out at $17,250 and goes to zero above $25,500 for singles (you get roughly twice that number for married filing jointly).