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What product are you using? Online TurboTax or desktop (CD/download) version?
How did you enter the W-2? Did you import it, upload a photo, or manually enter it? Have you gone back through the W-2 interview to look at the box entries for the W-2 to see if you notice an error?
If you're using desktop TurboTax, you can also go into Forms Mode and view the W-2 in the left column list of forms.
Entered it manually and no errors in entry.
Half of the box 1 W2 income is for deferred compensation. I see that that amount is entered on line 8 (additional income) on my 1040. So it's disconcerting that the full amount of box 1 on the W2 does not transfer to line 1 of 1040 but gets split between lines 1 and 8. Do I assume Turbotax has got this right?
@DawnC Hi! Are you able to please assist this user when you are available in the forum. Thanks!
Are there any amount or codes in Box 12? Any amount in Box 11? Did you check any boxes on the Uncommon Situations screen (the screen after you enter the W-2)? Do you have other W-2s entered? Have you double-checked the entries for all of them?
Yes there is $ in box 12 and the code is V. No I did not check any boxes on the uncommon screen. I do have another W2 and have double checked all entries.
But here is my situation and the question I am asking.
Some of my income from box 1 on the W2 also shows in box 11 as income from a non-qualified plan. This portion (box 11) of my total income (box 1) does not transfer to line 1 of the 1040 but goes to line 8 as other income.
To make it clear by example, on the W2 $50,000 in box 1, $20,000 in box 11 and $30,000 in box 12. On the 1040 line 1 is $30,000 and line 8 is $20,000.
Is this the right treatment for reporting this situation?
TurboTax is behaving correctly. The amount in box 11 is to appear on Schedule 1 line 8t. Only the amount from box 1 minus the amount in box 11 is to be included on Form 1040 line 1. Prior to 2022 the entire amount was to be included on Form 1040 line 1, but beginning in 2022 the IRS changed the way distributions from nonqualified deferred compensation plans are to be reported.
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