- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
This really sounds like the Box 11 entry is the issue not Box 12. The amount put in box 11 is taxable income and entries there trigger the follow on question you mentioned "Did you take money out of a nonqualified pension plan?". If you answer "yes" that will create a Schedule 1 line 8t entry.
The amount put on schedule 1 line 8t in TurboTax is removed from the box 1 amount on your tax return which may cause an e-filing error. According to the W2 form instructions entries in box 11 are to be included in Box 1 and will be taxable.
Box 11 is informational for the taxpayer, it used by the Social Security Administration to verify that they have properly applied the social security earnings test and paid the correct amount of benefits. The SSA already has their copy of your W2 for their purposes.
You can leave the box 11 entry out of TurboTax or answer "No" to the follow on question so that the box 1 amount stays the same.
**Mark the post that answers your question by clicking on "Mark as Best Answer"