Client is a teacher in the Palm Beach County school system and the Form W-2 shows an amount in Box 14 coded "FRS" for contributions to the Florida Retirement System. The amount shown reduces the FICA/Medicare wages to arrive at taxable wages. How should it be coded as a Box 12 item to accomplish the correct treatment?
Box 14 is informational.
You do not need to enter anything into Box 12.
Generally the amount contributed is subject to FICA/Medicare and Box 1 of the W2 form is less than box 3 & 5. The difference in the totals should be the amount in Box 14.