Error Nonqualified payments can not be higher than the wages reported in Box 1. The difference between the Box 1 and Box 11 amounts is 401k withheld. Answering the subsequent question "Did you take money out of your nonqualified plan" with a Yes created a negative amount on Line 1 of the 1040. Seems logical that the answer should be Yes.
Should Turbotax be taking into consideration the 401K deduction?
The error notice notes to consult with the issuer of the W-2. Are there rules in place to not allow a 41k deduction from a nonqualified plan payment? Retired in 2022 and the only payment received in 2023 was for the nonqualified plan.
Should box 11 be the net amount of the payment rather than the gross?
How should the w-2 be updated if necessary?
Thank you!
