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Returning Member
posted Jun 3, 2019 11:37:36 AM

How to answer turbotax question for IRC125 entry, box 14 (federal taxes) : Was the amount above deducted or deferred from your salary under a flexible benefits program?

I do not understand how to determine if amount in the box 14 deducted or deferred.

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1 Best answer
Alumni
Jun 3, 2019 11:37:37 AM

The answer is "yes". "IRC 125" means Internal Revenue Code Section 125, which authorizes "cafeteria plans" (called "a flexible benefits program" in the screenshot) to enable pre-tax deductions for health insurance and certain other benefits; most employers of any size have them, including cities much smaller than NYC.

2 Replies
Alumni
Jun 3, 2019 11:37:37 AM

The answer is "yes". "IRC 125" means Internal Revenue Code Section 125, which authorizes "cafeteria plans" (called "a flexible benefits program" in the screenshot) to enable pre-tax deductions for health insurance and certain other benefits; most employers of any size have them, including cities much smaller than NYC.

Returning Member
Jun 3, 2019 11:37:39 AM

RBBrittain, Thank you for your answer, the way to enter my response there looked like a catch for me.