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DG1
New Member

On my W2, line 1 is $22,000 less than line 5. which are my correct "total wages"?

 
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Accepted Solutions
Hal_Al
Level 15

On my W2, line 1 is $22,000 less than line 5. which are my correct "total wages"?

"which are my correct 'total wages'?"

As others have indicated, that depends on why you are asking and what you intend to do with the info. Using TurboTax (TT), you enter your W-2 exactly as you received it. TT knows what to do with it. For most tax filing purposes, box 1 is your taxable and reportable income.

If you are filling out a loan application, or some other similar purpose, box 5 is your wages.

View solution in original post

7 Replies

On my W2, line 1 is $22,000 less than line 5. which are my correct "total wages"?

For what purpose are you asking?  Enter the W-2 into the program, box by box.

On my W2, line 1 is $22,000 less than line 5. which are my correct "total wages"?

It's very common and normal for box 5 to be more than box 1.  The difference is sometimes hard to figure out but it is usually because of 401k contributions and other pre-tax deductions.  

Are you trying to enter in your 2015 W2 info before getting the actual W2 in January?  DO NOT DO THAT!  ? Wait for the W2!  We can't stress that enough.  You have to wait for your employer to send you the W2. It is the tax summary of your wages for the year. They have to send it to you by Feb 1. You can't use your last paystub because there might be differences in the taxable amounts sent to the IRS. And you don't know what amounts to put in which boxes.  There are several items that are deducted pre-tax that will affect your taxable gross income.  Usually your last paystub does NOT match your W2!  And you can't file until you get the actual W2.  

See this article….
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1899643-can-i-file-my-tax-return-using-my-last-pay-stub">https://t...>
Hal_Al
Level 15

On my W2, line 1 is $22,000 less than line 5. which are my correct "total wages"?

"which are my correct 'total wages'?"

As others have indicated, that depends on why you are asking and what you intend to do with the info. Using TurboTax (TT), you enter your W-2 exactly as you received it. TT knows what to do with it. For most tax filing purposes, box 1 is your taxable and reportable income.

If you are filling out a loan application, or some other similar purpose, box 5 is your wages.

Critter1
New Member

On my W2, line 1 is $22,000 less than line 5. which are my correct "total wages"?

If you are applying for the ACA marketplace then use box 1.

On my W2, line 1 is $22,000 less than line 5. which are my correct "total wages"?

Actually, I think it's supposed to be Box 1 for ACA. See the small print here:
<a rel="nofollow" target="_blank" href="http://laborcenter.berkeley.edu/pdf/2013/MAGI_summary13.pdf">http://laborcenter.berkeley.edu/pdf/201...>

On my W2, line 1 is $22,000 less than line 5. which are my correct "total wages"?

or are you asking about "total wages attributable to state xxx?"
Critter1
New Member

On my W2, line 1 is $22,000 less than line 5. which are my correct "total wages"?

That's right, thanks.

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