According to this Turbo Tax link, code L reports payments to you under an accountable plan reimbursement policy. Since these are paid under an accountable plan, they are already excluded from Box 1 of your W-2 and therefore, they are also already excluded from tax. Once you have entered the Box 12, Code L amounts in TurboTax, you do not need to do anything else with this information for your return.
To test this out, I entered data in my turbo tax test return and discovered it did not increase my taxable income. You can verify this in the following IRS link. it states on page 4, "Under an accountable plan, allowances or reimbursements paid to employees for job-related expenses are excluded from wages and are not subject to withholding."
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