This is a last payslip to show my lump sum vacation payment from a previous employer, I elected to defer the full amount into a TDA account, so on that payslip the net pay is $0, with a $75.49 tax withholding. However, on the W2 issued by this employer, this amount ($75.49) is showing in Box1 - Wages, tips, other compensation. Is this a mistake?
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Ask your employer. Pay stubs and W-2's are rarely the same. Box 1 and be much different and if there is an amount in box 12 that might explains it.
Thanks for the insight! This is the first time I am having lump sum vacation payment rolled into retirement plan, so I want to check if things are correctly reported.
I see that in box 12, there is the post-tax amount that were rolled into my retirement plan. The tax withholding amount seems to be correct, when I add up box 2 to 6, it equals 75.49.
I just don't understand why it is also showing 75.49 in box 1 (wages, tips etc) and box 16 (state wage, tip, etc). Isn't this will increase my taxable income in turbotax?
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