Yes, Code K in box 12 of your W-2 form means 20% excise tax on excess golden parachute payments. If you have that on your W-2 form and it does not apply to you, contact your employer to get it corrected.
If your copy of your W-2 form doesn't have code K in box12, but you are seeing it in your tax return, you need to correct the W-2 in the program. This is how to do that:
- Select Federal on the left side menu.
- Select Wages & Income toward upper left.
- Click Edit to the right of Job (W2).
- Click Edit to the right of your W2 entry.
- Click Continue.
- Make your corrections to box 12 on this page.
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