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Get your taxes done using TurboTax
@next_milenium wrote:
That W2 I will receive next year showing 457b contribution won't have any earned income.
I'm guessing that's OK because I got separated from my employer (retired)?
Because the cashed in PTO is considered "earned income" it is subject to social security and medicare withholding, so the amount should be reported as box 3 and box 5 social security and medicare wages, with social security and medicare withholding in boxes 4 and 6, even though box 1 wages would be zero. Then the contribution is reported in box 12 with code G.
March 9, 2023
4:43 PM
790 Views