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jason1578
Returning Member

W-4 question about other income

I received 45,000 from Vanguard on 1099-DIV, of which $42,000 is qualified dividends. I to pay my taxes by having them withheld from my wages. During interview, TT asks me about my estimate of qualified dividends for 2023, and I enter $42,000. On the next page, TT asks me about my estimate for other income and losses for 2023, and I enter $45,000. The W-4 that TT prepares my other income (not from jobs) is given to be $87,000 (in box 4(a)), which is obviously incorrect. What should I tell TT about my qualified dividends and about my income and losses so it would calculate my W-4 correctly?

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1 Reply
ErnieS0
Expert Alumni

W-4 question about other income

Your other income and losses is any other taxable income that you'll receive in 2023 excluding your wages, self-employment income, and investment gains and losses. This may include retirement income, taxable social security income, alimony, unemployment compensation, etc.

 

If the amount is $0, enter $0.

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