Hi and "Happy End of Year Tasks"
I am preparing for the year end W2's. Our company has a 125 Plan for pretaxed dollars on the Health Insurance. I have the Tax Tracking on "Premium Only Plan" and it correctly states the employees gross earnings.
It has been my understanding that Pre-taxed dollar amounts should be listed in Box 14 of the employees W2. I do not see that on the 2005 W2's.
First question is: Is this a IRS mandatory tax listing, or is it optional??? I have received conflicting answers to this question. Second question is: Why do I not see this tax listed on W2? Third question is: I have read that you are able to edit or add information to Box 14. If I add the Health Plan and amount employee paid, will this have any effect on my Payroll reports?
Thanks in advanced.
Angela