I'm being asked for the New York State portion of IRC 125. What is that and where do I find it?

The New York State portion of IRC 125 refers to amounts deducted or deferred from your salary under a flexible benefits program established by the City of New York or certain other New York City employers. Look at Box 14 of your Wage and Tax Statement (Form W-2). The amounts for IRC 125 should be listed there. 

Additional information:

• Health Insurance Premiums, Dependent Care Assistance Program (DeCAP), and Health Care Flexible Spending Account (HCFSA):
  • These amounts, covered under Section 125 of the IRS code, are reflected in Box 14 (IRC125) of your W-2. The amount for DeCAP is also shown in Box 10.
  • They are not subject to federal, Social Security, and Medicare taxes.
  • The reduction in earnings shows on your W-2 but not on your pay statement.
  • The amount in the IRC 125 Box is subject to New York state and City taxes. 
  • When you enter the amount in TurboTax it will help ensure the correct amount is taxed

For supporting information refer to New York State Department of Taxation and Finance.