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jasonba
New Member

My W2 wages are really really high. How can I determine how much of that was considered "other compensation"?? I don't recall making that much this calendar year.

 
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2 Replies
ColeenD3
Expert Alumni

My W2 wages are really really high. How can I determine how much of that was considered "other compensation"?? I don't recall making that much this calendar year.

You may be able to distinguish these amounts by looking at your paycheck stub. There is usually a break-out there.

 

Box 1 "Wages, tips, other compensation": This is federal, taxable income for payments in the calendar year. The amount is calculated as YTD earnings minus pretax retirement and pre-tax benefit deductions plus taxable benefits (i.e., certain educational benefits).

My W2 wages are really really high. How can I determine how much of that was considered "other compensation"?? I don't recall making that much this calendar year.

...and define "really high".  $$ vs ~$$ expected

 

What is the total of all the box 1's, for each different employer you had vs. the total compensation you claim to see displayed?   i.e. if you edit each W-2, are you sure the actual boxes 1-thru-6 in the software are exactly as displayed on any W-2 you've entered?  And make sure you've only entered one W-2 for each different employer.

 

Certainly the total compensation on line 1 of the form 1040 can be higher than just the box1's of any W-2 forms you've entered...especially if you've received tips, you've received scholarship $$, or worked as Household Employee, or have also had some $$ in box 10 of a W-2, or received a 1099-R with a code 3 in box 7....and some other instances.  But if no other unusual income, then an unusually high number usually indi9cate a mistaken entry on the W-2 form(s)

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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