On your W-2 form, 414H represents the amount of your wages that was withheld for a tax-deferred retirement plan for government employees. For example, if you work as a teacher for a public school, your school district may withhold money from your paycheck to put in a state teacher’s retirement plan.
Accordingly, do I choose 414HNOT or 414HSUB?
414HSUB represents Code 414H amounts subject to NYS taxes. 414HNOT represents Code 414H amounts NOT subject to NYS taxes.
In respect to this, is my 414h tax exempt?
These contributions are exempt from Federal tax but are not exempt from New York State tax; therefore, the amount must be added to your New York State tax return. You can find the amount of your 2008 retirement contribution (known as “414(h)” contributions) in Box 14 on your W-2 Statement.
Is IRC 414h tax exempt?
Any contributions – either those from an employer or pre-tax employee contributions – grow without taxes in a 414(h) plan. This means that qualified withdrawals are subject to ordinary income tax when employees begin taking distributions.
What does CAF mean in box 14?
CAF is for cafeteria plan. It could be your health/dental/vision or life insurance or other fringe benefits. Your taxable income is already reduced by the health insurance premiums so you do not need to do anything with it either.
How do I add 414H to my tax return?
Both the 414(h) retirement contributions and IRC 125 benefit plan amounts are reported to you in box 14 of your Wage and Tax Statement (Form W-2).