pretax dollars box 14

[CJSMITH651]

So My W2 has the same amounts listed in box 1, 3 and 5.    Box 14 says pretax and an amount.   Shouldn't the amount in box 14 pretax be deducted from my Box 1 amount?  If the answer would be box 1 would be the amount minus the pretax amount in box 14 then why is box 3 and 5 the same exact amount as box 1?

[MindyB]

No, because Box 1 is gross taxable wages, not gross wages in total.  The amount in box 14 has already been deducted from your total gross wages to arrive at Box 1.

[CJSMITH651]

but then shouldn't box 3 and 5 have that amount added back in?

[MindyB]

No, not necessarily, because Boxes 3 and 5 are taxable amounts for Social Security and Medicare tax which may have the same exclusions.  For example, medical insurance is not taxable for federal tax, Social Security or Medicare tax.

[CJSMITH651]

So if pretax dollars are  listed in box 12 i.e. with letter D - 401k contributions - then why on that W2 is box 1 listed with this amount in 12 - with letter D subtracted but box 3 and 5 have that amount added back in.  Is that because 401K contributions are taxed for SS and state?

[MindyB]

Your first comment mentioned that Boxes 1, 3, and 5 were the same.  Therefore, the gross wages (which isn't reported on your W-2) all have the same deductions.  Pretax 401(k) contributions typically would be deducted from gross to arrive at Box 1, but not for 3 or 5. See: Retirement plan FAQs regarding contributions - Are retirement plan contributions subject to withhold...

You should enter the amounts as they appear on your W-2 in TurboTax, and if you do not feel they are correct, I recommend that you inquire with your payroll department at work.

State taxes differ on 401(k) treatment.