Absolutely do not enter your 2014-7 qualified income in this way if you received a W-2 or you will get a CP2000 letter from the IRS.
The correct way to enter this information is as follows:
Enter the W-2 information as you normally would any other W-2.
Then in form schedule 1 line 8 "Other reportable income" you want to enter a negative number equal to the amount that qualifies for 2014-7. Be sure to put a description of: "IRS Notice 2014-7 excludable income"
Do not just use the W-2 Box 1 amount as your 2014-7 excludable income when entering the negative value in schedule 1. Contact your employer and request documentation of proof of 2014-7 eligibility with the amount.
