If there is an amount listed for deferred compensation on my tax transcript is that box 11 on my W2?

Forum|Forum|1 year ago
October 2, 2024
2 replies
16 views

I never received my W2s and am super late filing so I’m going off of my tax transcript but not sure if I report the amount for deferred compensation.

TurboTax Free Edition Online

Best answer by dmertz

Expert Reviewed

Whatever amount is shown for box 11 of the W-2 must be entered into box 11 of TurboTax's W-2 form. Distributions from nonqualified deferred compensation plans reported box 11, while included in the taxable amount shown in box 1, are not counted as wages for purposes that depend on the amount of your wages, such as whether or not the amount in box 1 of the W-2 will support an IRA contribution. For those purposes, TurboTax will automatically reduce the amount entered in box 1 by the amount entered in box 11.

Anonymous_

Level 15

No text available

dmertzAnswer

Level 15

Expert Reviewed

FranqlySpeaking

Level 2

This does not answer her original question. She clearly stated she does not have her W-2 and going off her IRS transcript. The IRS transcript does not list a code, it just says "Deferred Compensation". Now, can someone please answer her question correctly because that was NOT an expert answer.