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Does anyone know what labels should be used for the pay recorded in Box 14 on the W2s? Are there certain ones, or anyone have a recommendation?
Thanks,
Kevin
Hi kjjson,
There are not any specific instructions from the IRS around what specifically these labels should be called on the W2. Here are the IRS instructions for the W2 this year:
2020 General Instructions for Forms W-2 and W-3 (irs.gov)
I’ve heard feedback from the user groups that users have thought about using abbreviations since there are 6 spaces available in the W2 label. For example, some have thought of labeling “emergency family leave wages” as EFLW, or you may choose to do that differently depending on your business.
As a side note, here is a link to our Payroll YE blog that talks about COVID (but again it’s ultimately up to you how you want to label those codes) as well as a good blog Terry wrote earlier in the year around setting up paid leave in GP:
Microsoft Dynamics GP Year-End Update 2020: U.S. Payroll - Microsoft Dynamics GP Community
I hope this helps!
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