Which Box 12 Code is used for Section 457(b) elective deferrals?

The correct choice for identifying the Box 12 code used for Section 457(b) elective deferrals is G. This code specifically denotes deferred compensation that is contributed by an employee to eligible plans, such as 457(b) plans, which are typically offered by governmental and certain non-profit employers. Understanding the codes used in Box 12 is crucial for accurately reporting various types of compensation and benefits on an employee's W-2 form, as each code signifies a different category of deferral or benefit.

In the context of the other options, A represents elective deferrals to a 401(k) plan, B is used for designated Roth contributions to a 401(k) plan, and Y is for designated Roth contributions to a 403(b) plan. Each of these codes aligns with specific types of retirement plans that do not include the 457(b) plans, reaffirming that G is indeed the code applicable for Section 457(b) elective deferrals.