What does code K in box 14 in a W2 refer to?

Forum|Forum|6 years ago
May 31, 2019
2 replies
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This is from a federal employee's W2

TurboTax Deluxe Online

Best answer by mathteachingmom

K is for the pre-tax dental and vision insurance deduction amount. This is the amount you had withheld during the year to pay for your dental and vision coverage. It is a reporting number only on the W2 itself and not used in calculating taxable wages. The amount reported with a code K has already reduced the taxable income you have reported in box 1 taxable wages of the W2 form, so you should not be using this amount as a part of your qualifying medical expenses for the tax year (if you are itemizing deductions).

Ann4000

Employee

Box 14 Letter K should be dental and eye vision coverage that was deducted from my W-2 income, but instead Turbo Tax's letter K is calculating a 20% Golden Parachute Penalty. Can someone tell me why or can someone change the program to make it calculate or deduct the right figures on the correct forms?

emperaej

IF YOU ENTERED LETTER "K" ON BOX 12, IT WILL COMPUTE THE 20% EXCISE TAX PARACHUTE, SO ENTER "K" ON BOX 14 AND THE AMOUNT WILL BE RECORDED AS TAXES PAID TO INCREASE REFUND OR DECREASE AMOUNT DUE.

creatch

Be very careful when uploading your W2 and reviewing your final return. TurboTax put the Letter K amount from box 14 on my W2 in Box 12 on their online form and it nearly took over $500 off my refund.