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Plycam
New Member

If we made triple time pay, where do we log that total on TurboTax online?

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1 Best answer

Accepted Solutions
rjs
Level 15
Level 15

If we made triple time pay, where do we log that total on TurboTax online?

You don't enter the triple time pay anywhere in TurboTax. The deduction for overtime is only allowed for half of your regular pay rate (the "half" of time-and-a-half). For example, if your regular pay is $20 per hour, and you were paid $60 per hour (triple time) for overtime, the amount of overtime that you can deduct is $10 per hour of overtime. To calculate the deductible amount of your overtime you can divide your total triple time pay by 6. If your total triple time pay is $12,000, the amount you can deduct is $2,000.


In TurboTax, do not select the option to have TurboTax help you calculate your eligible overtime. It is not set up to calculate triple time. Calculate the deductible amount yourself and select the option that says you know what to enter.

 

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1 Reply
rjs
Level 15
Level 15

If we made triple time pay, where do we log that total on TurboTax online?

You don't enter the triple time pay anywhere in TurboTax. The deduction for overtime is only allowed for half of your regular pay rate (the "half" of time-and-a-half). For example, if your regular pay is $20 per hour, and you were paid $60 per hour (triple time) for overtime, the amount of overtime that you can deduct is $10 per hour of overtime. To calculate the deductible amount of your overtime you can divide your total triple time pay by 6. If your total triple time pay is $12,000, the amount you can deduct is $2,000.


In TurboTax, do not select the option to have TurboTax help you calculate your eligible overtime. It is not set up to calculate triple time. Calculate the deductible amount yourself and select the option that says you know what to enter.

 

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