Is the 414h deduction on W-2 taxable in New Jersey?
NJ Client's W-2 shows an amount in box 14, referenced as 414H. Lives in NJ, works in NJ...is this taxable? I can't find anything in the instructions. Thanks!
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3 Replies
Accountant Man
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Questions answered: 12247
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Accountant Community AllStar
Advisory council of Accountant community power users.
03/16/09 12:17pm PDT
If it was taxable it would already be included in box 16, state income. I believe that it is taxable for Medicare & SS, and probably for NJ state.
I'm calmer now. Whew!
Accountant Man
Questions asked: 141
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Questions answered: 12247
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Accountant Community AllStar
Advisory council of Accountant community power users.
03/16/09 2:05pm PDT
SBelt, I just prepared a return for a client who works for a school district. There is a G in box 12 for a 457(b) contribution, and a $$ amount for box 14 saying "pension." Both of those numbers, added to box 1, add up to boxes 3&5(SS and Medicare). In addition, the total Medicare number equals the NJ wages box 16.
So that should be your answer.
I'm calmer now. Whew!
DTNY07
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ProAdvisor
Members of the QuickBooks ProAdvisor Program
03/17/09 12:21am PDT
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Accountant man is correct, it should already be included in the state wages total
