Does anyone know what "PREOT" represents in box 14?

[LaShaunA3]

That box refers to the overtime premium, the extra you earn above your regular rate, that is now tax-deductible for some taxpayers.

You can enter this information into TurboTax and may qualify to get some of the taxes that were withheld on this income back.

This article below explains how you can enter overtime pay. How to enter overtime pay.

You can also read our article explaining the New Tax Law for Overtime Pay. 

[leslieafan]

Are you sure that's what it represents ? The reason I ask is because my Overtime was $27,000 and if i have TurboTax figure it out for me, I wouldn't be taxed on over $9,000, but in box 14 "PREOT" only has $4,500.

[Vanessa A]

Yes, in box 14, PREOT should stand for Premium Overtime.  
You can double check with your employer to determine if they meant it for something else or if they entered the correct information.
Do you see the $27,000 in OT on your last paystub of the year?  Are you always paid time and a half or do you sometimes get double time?

If you received double time, only the .5 amount is deductible.  So if you normally make $20 per hour, but were paid $40 per hour, only $10 of that would be deductible.

If you did not receive double time and the $27,000 is what shows on your last pay stub, then you will need to contact your employer for a corrected W-2.

[leslieafan]

Yes the overtime is the total for my last paystub the $27,000 when i entered into turbo tax to figure out for me, it was over $9,000 that should be tax free. 

[Vanessa A]

If you only get OT at 1.5, then you can use the $27,000.  Then ask your employer for a corrected W-2. 

[leslieafan]

It seems like the amount in box 14 they're basing it on a single filer max ($12,500) we're filing jointly so we should be able to use the $25,000 max. Can I just place what's in box 14 on the form what's captured there and have Turbo Tax calculate my Overtime from my last paycheck?

[DaveF1006]

 Yes, enter the exact amount from box 14, and TurboTax will calculate the deduction based on your filing status ($25,000 max for joint). Ensure you select the correct description (e.g., "EX OT WAGES" or similar) in the TurboTax box 14 dropdown, which will properly categorize the overtime pay exemption.