What Category Is Lst On W2, When you receive your W-2 form at the end of the year, you may notice a category labeled "LST." This, General, what-category-is-lst-on-w2, JPOSE
When you receive your W-2 form at the end of the year, you may notice a category labeled "LST." This abbreviation stands for "local taxes," which refers to any taxes that were withheld from your paycheck for your local government.
Local taxes are typically assessed by cities or counties and are used to fund local services such as schools, roads, and public safety. The amount of local taxes you owe is based on the tax rate set by your local government and your income.
If you live or work in a locality that assesses local taxes, your employer will withhold a certain percentage of your paycheck to cover these taxes. This amount will be reflected in box 19 of your W-2 form, under the category labeled "LST."
It's important to note that not all localities assess local taxes, so if you don't see this category on your W-2 form, it's likely because you don't live or work in an area that assesses these taxes.
If you do have local taxes withheld from your paycheck, you may be able to deduct these taxes on your federal tax return. However, the rules for deducting local taxes can be complex, so it's best to consult with a tax professional to ensure you're taking advantage of all available deductions.
In summary, the LST category on your W-2 form refers to any local taxes that were withheld from your paycheck. If you have any questions about these taxes or how they impact your tax return, be sure to seek guidance from a qualified tax professional.