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New Member
posted May 17, 2021 11:35:04 AM

What category applies to my 1rc125 and fringe benefit?

what category is irc125

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2 Replies
Expert Alumni
May 17, 2021 12:31:43 PM

Section 125 fringe benefits are pre-tax deductions such as a Flexible Spending Account for out-of-pocket medical expenses and childcare expenses, life insurance and commuter reimbursement.

 

These benefits are pre-tax so they are not deductible.

 

If you have a SEC 125 amount in Box 14 of your W-2 use Other (not classified) unless you live in New York. If so, use SEC 125/SEC 18 Subject to NY tax or NY tax exempt

New Member
May 17, 2021 3:16:18 PM

Thanks I guessed right.  Do you know what category "Fringe" benefits should be?