Public employee 414(h) and IRC125 Question for NY

New York City advises that 414(h) and IRC 125 should be reported on IT-201 or IT-203 as addition modifications, however turbo tax has the entry of these elements merely listed as box 14 entries, but doesn't seem to be incorporating the tabulation into the income tax deductions. Can you please advise?

877

Expert Alumni

Feb 2, 2025 3:37:52 PM

For the W2 entry, you must indicate in the drop down for Box 14 the correct category. TurboTax will then be able to carry the information to the New York Modification section.

Level 3

Feb 4, 2025 5:17:21 PM

Where is the IRC 132 Tax Exempt in the drop down?

Expert Alumni

Feb 5, 2025 6:09:15 AM

You can choose Other (not classified) for Section 132 benefits. These benefits are not subject to NYS tax and therefore don't need to be added back to your return like some 414(h) and 125 benefits. They should already be taken out of your federal (box 1) and state (box 16) wages on your W-2.

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Public employee 414(h) and IRC125 Question for NY