Yes, you will enter this information when entering your W-2 and TurboTax will automatically determine how it will impact your return and ask you any additional questions if needed.
That's there for informational purposes only. It doesn't impact your tax return. It's Section 125 or cafeteria plan amount. Probably your health insurance through your employer.
Why is Turbo Tax carrying this figure to my KY schedule M Federal Adjusted Gross Income Modifications Line 14. I have been audited and now owe more taxes. Is this a problem with Turbo Tax state KY program?
Yes, you will enter this information when entering your W-2 and TurboTax will automatically determine how it will impact your return and ask you any additional questions if needed.
but it is asking for a category (and says "needs info")...what category do i use?
@cde421 wrote:
but it is asking for a category (and says "needs info")...what category do i use?
Scroll down to the bottom of the list and use Other (not classified)
If you choose "other" - it does not effect the tax return.
However, in this case, no entry is correct. This is the total of your non taxable benefits which have already been adjusted to your wages if required.
A Code S125 refers to a Section 125 plan which describes payroll deductions for an employee benefit.
If it is an employee benefit that has already been removed from Wages in Box 1, then, choose a category of Other.
If I didn't opt in or pay for any benefits, why is there a dollar amount here?
Ask the employer what it is for since the box 14 entries can be almost anything that did not fit in box 12. They are informational only and don't affect the federal return at all.