RitaB Posted April 8, 2011 Report Share Posted April 8, 2011 What do you think "DDNTB" stands for? Client says it's Health Insurance Premiums he paid out of pocket. Sounds fishy to me. The employer is the county finance department. Quote Link to comment Share on other sites More sharing options...
Lynn EA USTCP in Louisiana Posted April 8, 2011 Report Share Posted April 8, 2011 Tax Sheltered Insurance Deductions Google search engine Lynn Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 8, 2011 Author Report Share Posted April 8, 2011 Thanks for the reply, may I ask specifically what you searched for? I did Google searches for "DDNTB", "Box 14 DDNTB", and "W-2 Box 14" before I posted the original question, and really didn't get too far. When I was a teacher, I had that on my W-2, and I THINK it was for (Pre-Tax) Medical Flexible Spending Account. That's been 17 years ago, but I think that's right. I think I'll call the Finance Dept tomorrow. Quote Link to comment Share on other sites More sharing options...
OldJack Posted April 8, 2011 Report Share Posted April 8, 2011 Well... it is obviously something that was withheld from your clients paycheck and likely tax information and/or deduction. If he tells you it is health insurance why would you not accept his statement? Quote Link to comment Share on other sites More sharing options...
Randall Posted April 8, 2011 Report Share Posted April 8, 2011 It may be health insurance. But the question is was it pre-tax or after-tax. Often the client is right in that he is paying for it with his money. But they don't realize it's pre-tax money. Most often, it is a FSA or 125 type item. Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted April 8, 2011 Report Share Posted April 8, 2011 According to Acronym Geek, it stands for "Doggies Do not Track Bigfoot". I personally find that hard to believe. And not very helpful. Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 8, 2011 Author Report Share Posted April 8, 2011 According to Acronym Geek, it stands for "Doggies Do not Track Bigfoot". I personally find that hard to believe. And not very helpful. Yeah, I found that one, too! Hahahahaha Old Jack, I don't doubt that it's Health Insurance. I just doubt that it's in Box 1 of the W-2. Sorry, I expected you guys to read my mind up there. I think the client does not understand that those premiums have been paid with pre-tax dollars, and to now deduct on Sch A would be incorrect. What Randall said. Quote Link to comment Share on other sites More sharing options...
OldJack Posted April 8, 2011 Report Share Posted April 8, 2011 Yeah, I found that one, too! Hahahahaha Old Jack, I don't doubt that it's Health Insurance. I just doubt that it's in Box 1 of the W-2. Sorry, I expected you guys to read my mind up there. I think the client does not understand that those premiums have been paid with pre-tax dollars, and to now deduct on Sch A would be incorrect. What Randall said. If it was pre-tax dollars it should not be reported on the W2. Box 14 is intended to make the taxpayer aware of items that may be deductible or should be reported on his personal return. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 8, 2011 Report Share Posted April 8, 2011 Ask to see his last paystub. Maybe it has a more understandable explanation. It also could allow you to compute whether pre-tax or after-tax. Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 8, 2011 Author Report Share Posted April 8, 2011 Ask to see his last paystub. Maybe it has a more understandable explanation. It also could allow you to compute whether pre-tax or after-tax. Yeah, I left him a message earlier today. Of course, if he is just now getting me his stuff, I don't expect a return call anytime today... BTW, as God is my witness, the next person who says to me, "Bet you are getting busy, huh?" is leaving here on a stretcher. Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 8, 2011 Author Report Share Posted April 8, 2011 If it was pre-tax dollars it should not be reported on the W2. Box 14 is intended to make the taxpayer aware of items that may be deductible or should be reported on his personal return. The instructions sound to me like Box 14 is for whatever you feel like putting in there: Box 14Other. If you included 100% of a vehicle's annual lease value in the employee's income, it also must be reported here or on a separate statement to your employee. You also may use this box for any other information that you want to give to your employee. Label each item. Examples include state disability insurance taxes withheld, union dues, uniform payments, health insurance premiums deducted, nontaxable income, educational assistance payments, or a member of the clergy's parsonage allowance and utilities. In addition, you may enter the following contributions to a pension plan: (a) nonelective employer contributions made on behalf of an employee, voluntary after-tax contributions (but not designated Roth contributions) that are deducted from an employee's pay, © required employee contributions, and (d) employer matching contributions. I don't know, but I want to be sure before I deduct $10,400 on Sch A. BTW, I have a guy in his 80's who always has Code 1 (early distribuion) on his 1099-R. And, I am less confident in government agencies than private agencies. Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 8, 2011 Author Report Share Posted April 8, 2011 Well, here's the scoop, straight from the horse's mouth: "Oh, yeah, I know it's pre-tax, but I figured since it's on my wife, who is self-employed, I could deduct it as self-employed health insurance." OH. MY. GAWD. Edit: Wait a minute. I realize why the double-dipping makes sense to this man. His wife is a hairdresser. It took five years for me to convince her that she can't deduct the FMV of a "do-over". That explains a lot. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted April 9, 2011 Report Share Posted April 9, 2011 D- Direct D- Deposit N- Non T- Taxable B- Benefit Could be health insurance. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
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