Question

Which of the following statement requiring form W2 is correct?

Claim the amount of health insurance premium reported as a DD in box 12 on the W2 as a medical expense on Schedule A

Excess social security withholding will not be reported on the taxpayers return if each from W2 is entered correctly

401K or other qualifying plan contribution amount in box 12 on form W2 may not be claimed as a deduction

Failing to enter a taxpayers dependent care benifits amount on from box 10 on W2 will not affect their refund on balance due

Answer 1

401K or other qualifying plan contribution amount in box 12 on form W2 may not be claimed as a deduction
When you recieved W2 form at the year end you will notice that wages subject to federal tax rate is lower because of 401K contribution because its pre- tax dollars contribution made by employer.