So the W-2 Box 12a amount is described as “401k” and doesn’t have a code such as “D” or “AA”?
What is the amount?
No, i don’t see any codes on there, that is why i am so confused. The amount in 14570.10
@Madison85
Is the taxable income reduced by the $14,570.10? If so, that is a parent contribution to the 401k. If not, it could be an employer contribution? I have never seen it without a letter code.
Im not so sure. All i know is that it just says 12a, 12b, 12c, and 12d separately. What do you suggest i do? @kelsmom
Does your parent have their last paystub from 2015? Does it have anything listed for 401k in deductions?
@almaa_card123 are you the parent here. If so, how much did you authorize your employer to deduct for your 401k plan in 2015?
There is no box (or line) 12a on the form 1040.
So where do i find what this question is looking for? @BelknapPoint
You should be looking on your W-2 form…NOT on your 1040 tax form.
And again I ask…how much did you ask your employer to put into your 401k in 2015? You should have some kind of authorization form you signed. How much? Does it match the number in box 12 on it w-2 form?
As you’ve been told several times now, if pre-tax contributions have been made to a 401(k) or other qualified retirement plan, the amount should be shown in one of the box 12 entries on the employer issued W-2 form… not on the 1040 form.
There may be no box 12 entries on the W-2 form, if there were no pre-tax contributions to a qualified retirement plan. Or the employer may have issued an incorrect W-2. Do you know for sure that there were pre-tax contributions to a 401(k) or other qualified retirement plan in 2015?
It appears that this OP is the student. That being the case, I would strongly suggest he or she talk to their parent about this 401k contribution amount. The parent should know how much they allocated in 2015. This would help in identifying whT the number in box 12 on the w-2 is…maybe.
Also, is this only ONE parent? Is there a second parent who also contributed to their retirement pretax? If so, that parent’s info needs to be included as well.
@thumper1 box 12a has 401k under it, so i think that is what I’m going to put
the only problem is that i don’t know where the codes are… @thumper1
I am NOT a tax expert. I am just a parent. Don’t keep asking ME.
Please listen to the others who have posted.
You keep referring to your 1040. Please…refer to the info for the 401k on your W-2 form.
You know…I’ll bet you can contact the employer who issued this w-2 form and find out! They that.
Yes, call the employer, they are supposed to fill out these W2 forms a certain way and use specific codes, so find out what the “401k” on the form means.
What’s the amount on the W-2 in Box 1?
What’s the amount on the W-2 in Box 3?
You are a STUDENT.
You need your parent to help you complete this form accurately. When the parent signs with a PIN, they are saying that the information is ACCURATE. You clearly aren’t sure about this.
You need to have your PARENT figure this out.
You can’t contact their employer, but they should be able to. Your parent should,also know what their 401k deductions are.
DO NOT submit this fafsa until you know that the information you are putting down and signing…is CORRECT.
nevermind
Okay, so i showed my parents what the 401k on the W-2 form is, NOT the 1040 forms, and they said that when the government takes out money from my dads check (dad is the only one that works) they take out that amount each year and that it looks just about right.
Oh boy.
It’s not the government taking out the money for a 401(k) (if in fact there is a 401(k)); it’s your father’s employer, and that money is then deposited into his 401(k) account.
The government takes out money for Social Security and Medicare (this is a “payroll” tax called FICA), and also probably withholds money for income taxes, depending on how your father filled out his W-4 form. Make sure that you, and your parents, are not confusing these government payments with contributions to a 401(k) account.