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Are boxes 3 and 5 the net amount I made for the year after taxes and deductions are taken out?

I don't have my W2 yet and I am trying to enter the information in from my last paystub for the year
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3 Replies

Are boxes 3 and 5 the net amount I made for the year after taxes and deductions are taken out?

why not wait for your w-2. sometimes changes are made so the w-2 doesn't match the last paystub. besides e-filing won't be opened by the IRS until about 1/22. if you submit the return now it will sit on Turbotax servers until then.  so if your w-2 doesn't match, then unless your return is rejected, you'll have to wait until the original filing is fully processed and then amend. an amended return can take 4 months or longer to process.

  

Vanessa A
Expert Alumni

Are boxes 3 and 5 the net amount I made for the year after taxes and deductions are taken out?

Depending on your deductions, your gross income could be the same as boxes 3 and 5.  However, it is not advisable to use your last pay stub to file your taxes.  

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Are boxes 3 and 5 the net amount I made for the year after taxes and deductions are taken out?

Do not try to use your pay stub.   It will not match the W-2 you get from your employer in just a few short weeks.  WAIT for your W-2.

 

 You can fall for the marketing ploy that will allow you to e-file early if you want to—-but be aware that your e-file will just sit on a server and if you discover that you need to make any changes you will not be able to.   You cannot change or add anything while your return is in pending on the server.   You have to wait until the IRS ether accepts or rejects it much later in January or early February.    If it is rejected you can fix it; if it is accepted with your mistakes you have to wait for it to be processed and go through the lengthy process of amending.

 

  You still need your 2021 W-2's and any 1099's that will show your income for 2021.    Those will not be issued until late or the end of January. 

 

The tax forms are not ready yet. The software still needs lots of updates.  Go to the REVIEW tab to see which forms in your return are incomplete and the estimated dates they will be ready (dates always subject to change) and sign up for the email alerts if you wish.  

 .   

 Being in a hurry to file and get a refund is never a good idea---it leads to filing incorrectly without all of your information and to waiting months to amend mistakes that you should not have made in the first place.   Be patient and file correctly when all of your information is in order and the tax forms are ready.

 

 

And…..if you are trying to rush because you get earned income credit or the child tax credit——the PATH act means you cannot get your refund until the end of February at the earliest—so filing early will not get you an early refund.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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