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SEC 125 is your employer's benefit plan. It is also known as a "cafeteria plan". Usually, what is reported there is your medical insurance premiums that are paid with pre-tax income. They are not taxed and are not included in your W-2 Box 1 wages so you can not deduct them as medical expenses.
SEC 125 is your employer's benefit plan. It is also known as a "cafeteria plan". Usually, what is reported there is your medical insurance premiums that are paid with pre-tax income. They are not taxed and are not included in your W-2 Box 1 wages so you can not deduct them as medical expenses.
What is the turbotax reply to the Box 14 and supplemental statement, category reply?
Box 14. This box is used to provide the following information:
Section 125 (cafeteria plan) pretax benefits program for insurance premiums and/or medical reimbursements. The amount is not included ni boxes ,1 3, or 5.
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