exotwages

[1grandmama1]

Will I need to enter exotwages and/or OB3 OT information this anywhere?   I have no idea what they mean.  They are located in box 14 of my W2

[KrisD15]

That sounds like the overtime you worked that could be eligible for the new "No Tax on Overtime" Additional Deduction. 

(it's due to the OBBB act thus the OB3) 

That additional deduction is new this year and employers have been reporting it all sorts of different ways. (Next year should be regulated) 

Ask your employer if you are not sure, but most likely you will choose "Overtime" as the Box 14 category. There will be screens that follow to confirm you are reporting it as overtime. 

[1grandmama1]

I would ask the employer however I no longer work for this company.   I do prepare my on taxes but never seen this before.   Want to be informed before I start preparing my forms.  Not sure if I will need to enter this information on the forms 

[KrisD15 · Accepted solution]

Do you work overtime? You can add the overtime listed on your paystubs to see if the numbers match. 

The amount you report is the amount of the premium, for example if you earn 20/hour, and your overtime is time and one half, the amount you report is 10 per overtime hour.

It would not be alarming if you did NOT enter it, but you would be loosing out on an Additional Deduction. 

HERE is a link that explains more about No Tax On Overtime, it also covers "No Tax On Tips"  

If you are doing your return by hand, the overtime is reported on the new Schedule 1-A part VI and flows to Form 1040 line 13b.

Schedule 1-A also reports No Tax On Tips and the additional $6,000 senior deduction.