Which W-2 Box 12 Code is associated with 408(k)(6) SEP contributions?

The correct W-2 Box 12 code associated with 408(k)(6) SEP contributions is indeed Code F. This specific code is used to report contributions made to a Simplified Employee Pension (SEP) plan for a self-employed individual or for an employee that qualifies under this specific segment of the Internal Revenue Code.

Understanding the distinct types of retirement plans is crucial for tax reporting purposes. The SEP contributions reported with Code F represent contributions made on behalf of eligible employees, which can significantly affect their taxable income and serve to provide tax-deferred growth on retirement savings.

For clarity, each code in Box 12 has a specific application. For instance, Code D is designated for elective deferrals to a 401(k) plan, Code E pertains to salary reduction contributions to a 403(b) plan, and Code G indicates elective deferrals to a 457(b) plan. Knowing these distinctions helps in accurately reporting income and maximizing tax benefits associated with different retirement contributions.