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Level 2

Question

What does code TXB SEV mean on line 14

Forum|Forum|7 years ago
June 4, 2019
2 replies
0 views

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TurboTax Deluxe Online

Alumni - Champ

Check with your employer to be sure, but it likely means TaXaBle SEVerance pay.

Employers use many different abbreviations and codes in Box 14..

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

kenglehartAuthor

Level 2

That’s it. Thanks so much!

Level 2

Does this mean taxes have already been taken out or will I have to pay the taxes when I submit them?

Level 15

The entry in Box 14 is included in your wages in BOX 1. Therefore, taxes have been accounted for in BOX 2.

As with all tax withholding it is an estimate. You may owe or get a refund based on other income and deductions.

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Level 2

Does that mean you are taxed twice? Should you still be taxed on all future severance payments as well?