IRC 132

Forum|Forum|2 years ago
February 11, 2024
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The amount I have for IRC132 was not excluded from my income for NY. How can I enter it in TurboTax. What was excluded is my IRC414H.

LindaS5247

The amount listed on your W-2 as IRC 132, is not subject to taxes in New York. This amount is for any Commuter Benefits you may have received.

Box 14 on your W-2 form reporting IRC 132 fringe benefits are typically not included in your gross income as reported in box 1 on your W-2 form or in box 16 for your state wages.

Because they are not included in Box 1 as taxable wages, you don't need to deduct that amount from your New York income because it wasn't included in income on your tax return.

Click here for additional information on commuter benefits.

Click here for NYC Commuter Benefits FAQ.

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TaxLady1975

IRC 132 has not been deducted from box 1 on my NYS tax return and it is not indicated in the drop down menu. Also 132 contributions are not subject to federal income tax, ss tax, medicate etc. How can I ensure the correct deductions are taken?

KeshaH

Line 1 of your NYS tax return should come from the wages and salaries you reported on your federal tax return. This information comes from box 1 of your W-2. Box 1 of your W-2 will already have excluded section 132 benefits from income, so you won't need to subtract it again.

To make sure that these benefits weren't included in box 1 of your W-2, you can review your paystubs or contact your payroll department for verification.