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Need Help on Entering Deferred Salary W2
I have a W2 for deferred salary. The amount in box 1 is the same as box 11, non-qualified plans. After entering the data, TurboTax asks "Did you take money out of your nonqualified pension plan?" I answer "Yes, I took this money out of my nonqualified or Section 457 plan." Other choice being no I contributed to a plan. Then TurboTax requires me to select a state and fill in the Amount box. I don't understand why I need to do this. My deferred salary is not a 457 plan. The income was earned and paid in the same state I still live in, so I'm OK selecting New York, but what about the amount. Should that be the same as in boxes 1 and 11? If so, what is the purpose of this question and is it relevant for a non-457 plan?
March 9, 2024
1:51 PM