I received a distribution from a nonqualified plan in tax year 2022. The W-2 shows the same value in box 1 (wages/compensation) and box 11 (nonqualified plans) as well as a value for federal taxes withheld. I entered this data into TurboTax manually. When I examine page 1 of Form 1040 in TurboTax , I see $0 on line 1a (total amount from wages, W-2) . The distribution is for deferred compensation. I thought the IRS considers this taxable income in the year it is distributed, but that's not how it shows in TurboTax. If it's there, I can't find where I might have answered a question, or a check box, incorrectly that has caused line 1a to be a zero. Is TurboTax doing the proper calculations?
If you have printed your Form 1040 and Schedules, check Schedule 1 line 8t, which should flow to your Form 1040 on line 8.
You can also view your Schedule 1 in Turbo Tax as follows:
If you still have concerns that your compensation was not properly filled in Turbo tax I would contact a Live Agent.
Click here to contact Turbo Tax for assistance.