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Self employed
To remove this from your 1040 ES calculations for next year follow these steps:
- Navigate to Other Tax Situations
- Scroll to Form W-4 and estimated taxes (you may need to indicate you wish to "see all" or "let me choose what I work on" to open this field
- Select Start (or Update)
- Select No When asked if you would like to update your W-4
- Select Review Now when asked "Do you want to review your income and deductions?"
- Continue to the Screen Enter Your 2024 W-2 Wage Information
- Enter a $0 in the box for Wages under 2024
- Click Continue
- Continue through to the end of this section, and your estimates should update accordingly
It is proper and normal for nonqualified pension plans to be reported on a W-2 and transferred to Other Income. It's not normal for that number to then be doubled, but this appears to be a problem only on the ES worksheet and this workaround will resolve the issue.
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March 4, 2024
11:07 AM