My husband's W-2 has box 14 filled this year -
FED OT - what does that mean? is it overtime?
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Yes, this is the overtime premium that is deductible. This is not the total overtime pay. Putting it in box 14 alerts the program to make the deduction, if your income allows.
This deduction begins to phase out if your Modified Adjusted Gross Income (MAGI) is over $150,000 (Single) or $300,000 (Married Filing Jointly).
Yes, this is the overtime premium that is deductible. This is not the total overtime pay. Putting it in box 14 alerts the program to make the deduction, if your income allows.
This deduction begins to phase out if your Modified Adjusted Gross Income (MAGI) is over $150,000 (Single) or $300,000 (Married Filing Jointly).
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