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Retirement tax questions
Thanks for everyone's input but I am still getting an error when filing my tax return.
This is the error:
I only have 2 W2s and none of them have Statutory employee marked on the W2 (error message from IRS suggests otherwise).
One W2 is a DD (box12 - healthcare cost paid by employer and employee) form with values in Box 1 and 11 (same values = $40,000 ex.) and a lower value in box 12a (say 30,000).
Another W2 has nothing in box 12 but "Retirement plan" in box 13 and values in Box 1 and 11 (same values = $5000) with fed,state,soc sec and medicare deductions.
At first I loaded the W2s via a photo but there were several mistakes and so I deleted the W2s and manually reentered the information.
When I first filed the W2 DD I answered "yes" (Yes, I took this money out of my nonqualified or Section 457 plan) in the follow-on question for both W2s.
This resulted in $5000 on line 1 of 1040 and $40,000 on line 8 of 1040 (with corresponding Schedule 1, line 8t showing $40,000). I efiled and got the same rejection from IRS.
I then "fixed" the W2 DD $40,000 income, answering No, this is money I contributed to my nonqualified Section 457 plan. I left the W2 $5000 income the same, answering Yes to follow-on. I efiled and now get the same rejection from the IRS.
When I called Turbotax a couple days ago they told me "this" is a known error and the IRS should be working on a fix with no ETA on resolution. It is unclear to me Turbotax knows what the issue is and its unclear how I can fix anything. I have filed my tax return via Turbotax for the last 7 years and have had these same W2s for the past 3 years with no issues. Any advice appreciated else I was told to wait and see and refile after a week.