Nonqualified Plans on W2

Forum|Forum|3 years ago
March 21, 2023
2 replies
18 views

Hi,

I have a client who has a W-2 with a fairly large amount listed in box 11 (nonqualified plans). I have input the W2 as shown, but when I go to form view, the amount of wages on line 1a on the Form 1040 is reducing taxable wages by the amount of nonqualified plans. Is this the correct treatment? I have not run into this before. Appreciate any feedback.

Martin

Lacerte Tax

This topic has been closed for replies.

Best answer by kgreen8393

The program will reduce wages (it will show on a Statement), then include the Nonqualified Deferred Compensation on Schedule 1, line 8t. Presentation for 2022 is just reporting the amount on Schedule 1 versus as wages.

sjrcpa

Level 15

The tax return presentation changed this year. It's in the instructions.

The more I know the more I don’t know.

N

nickpgAuthor

Level 2

Thank you. What instructions are you referring to?

sjrcpa

Level 15

1040 and/or W-2.

The more I know the more I don’t know.

K

kgreen8393Answer

Level 6

The program will reduce wages (it will show on a Statement), then include the Nonqualified Deferred Compensation on Schedule 1, line 8t. Presentation for 2022 is just reporting the amount on Schedule 1 versus as wages.

N

nickpgAuthor

Level 2

Thank you very much!

Martin

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