I work at an ESOP so technically I am one of the "owners" of a business.
This resulted in my W-2 having the entry in box 12a as "C XXX" where XXX is an amount less than $1000.
Can I just enter XXX in box 12 of my 1040 or do I have to fill out a whole Schedule C?
The Schedule C form is very complicated and asks all kinds of questions about the financials of my company about which I know nothing.
Further research indicates that code C means that this amount is "Group Term Life Insurance", which apparently gets added in to Line 1 already, so my guess is I can ignore the amount in the box. Is that right? What is the purpose of breaking out this income in box 12?