Only tangentially related to layoffs in that I was laid off last year and now, when filing taxes, need to have the category for Cafe 125 in box 14 of the W2.
Any advice on how to proceed would be much appreciated. Suggested email contacts would be great.
Thank you.
I logged into my alumni workday account (such a hassle getting in there) and looked at the last regular payslip. It seems the amount listed for Cafe 125 is the total for pre-tax benefits. Couldn't find a decent matching category but apparently it doesn't affect taxes and is just informative so I set it to "Other (not classified)" as that was best option.
Would suggest to contact a tax person as I’m having someone help me.
2 things though: the cobra you paid for is deductible, but I don’t think that’s cafe 125
Cafe 125 refers to IRS Section 125, which covers cafeteria plans. These cafeteria plans allow employees to set aside pre-tax income for certain benefits, including dependent care assistance, group term life insurance, and adoption assistance.
Again, maybe hiring someone like H&R Block to minimize taxes in what I hope is an exceptional year. Reddit tax sub could also be a resource.