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What do the codes in box 14 of my W2 mean , i.e., "K" "V" and "Y"?

  • What is ret in box 14 mean
  • need to know what C W and V mean.
  • C is for the Taxable cost of group-term life insurance over $50,000 (included in boxes 1, 3 (up to social security wage base), and 5).  W is for Employer contributions (including amounts the employee elected to contribute using a section 125 (cafeteria) plan) to your health savings account.  V is explained below in the answer (scroll down), but if you want it repeated here, the V stands for your Pretax FEHB incentive.

    Basically, your group term life insurance amounts that you have coverage for with your job is over $50,000, so part of that is included in your taxable wages (C).  (W) is because you have either employer contributions to your health savings plan or contributions you elected to make from the 125 plan into your health savings plan.  You have coverage for health insurance through your federal employer, so (V) is that amount reported for the year as amounts you have had in pre-tax deductions for your health insurance plan.
  • What is K?
  • susanflorio, if you will please scroll down the page to find the answer below in the section labeled as "answers".
  • Thank you, I'm sorry I didn't see it previously.
K is for your Pretax Vision and Dental Deduction
V is for Pretax FEHB Incentive (FEHB is Federal Employees Health Benefits)
Y is for Pretax Flexible Spending  Accounts (Civilian)

  • In case this needs any further explanation:  Pre-tax means the amounts that you have that are regularly deducted for your portion of these specific benefits.  So, you have a dental & vision plan for which the premiums are deducted each payroll before your federal taxes are calculated on your wages for the payroll.  The same for your health insurance (V) and your flexible spending account money (Y)  from which you can receive reimbursements from qualifying medical or dental expenses throughout the year.  All of the amounts you see listed with these codes have reduced the amount of income you see reported on Box 1 of your W-2 form for the year (when compared to your actual gross wages earned), and therefore have already reduced what can be calculated for taxable income for the year, lowering your overall tax liability for federal taxes on the federal return.
  • Thank you
All of these code translations are in the fine print for Box 12 on the back of your W-2 or on a separate page provided with your W-2.
    my omb no.