An employee participates in a 401(k) plan with $10,000 in elective deferrals. How are these deferrals reflected on the W-2?
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A
Excluded from all boxes on the W-2
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B
Reported in Box 12 with code D and excluded from Box 1 but included in Boxes 3 and 5
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C
Included in Box 1 and excluded from Boxes 3 and 5
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D
Reported in Box 14 only