My base pay is $19/hour. My overtime pay is $28.50/hour, so my overtime premium is $9.50/hour. I worked 63 hours of overtime, so my non-taxable overtime income is $598.50 (63 x 9.5) and this is the number reported in box 14 on my W2. I have two other W2's from non-exempt work and my total wages from all three W2's is just over $36,000. I have no other taxable income (i.e. interest, dividends, etc).
How come Turbo Tax Deluxe is stating my overtime deduction is $200? Should it not be the full $598.50?
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Ys, it should be the full $598.50.
Where did you enter the OT premium and when you walked through the remaining steps did you select that you already know the deductible amount or you would like TurboTax to calculate it for you?
If you said you would like TurboTax to calculate it for you, it would have divided it by 3 and then entered that amount as the deduction.
To fix this you can go back through the W-2 section and then when you get to the Overtime questions, the one that says do you want us to calculate it for you or do you know the number, select that you know the number and that is the right amount. This will take it back up to the full amount.
Hopefully Intuit will correct this issue.
Thank you!
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