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January 21, 2021
Question

Hello. Why is box 1 on my W2 almost $8000

  • January 21, 2021
  • 3 replies
  • 0 views
Difference from my last paystub gross.

3 replies

DoninGA
Employee
January 21, 2021

The Why can only be answered by your employer.  Did you already file the 2020 tax return?  If so -

 

Once a tax return has been filed it cannot be changed, canceled or retrieved


You will have to wait for the IRS to start accepting or rejecting 2020 tax return on February 12, 2021
If the return is rejected you can make the necessary changes and e-file again.
If the return is accepted you will have to amend your original tax return. An amended return, Form 1040X, can only be printed and mailed to the IRS, it cannot be e-filed. The IRS will take up to 16 weeks or longer to process an amended tax return.


Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.


See this TurboTax support FAQ on amending a tax return originally completed and filed using the 2020 TurboTax online editions - https://ttlc.intuit.com/community/amending/help/how-do-i-amend-my-turbotax-online-return/01/27577

Employee
January 21, 2021

Use your W-2 on your tax return.  Pay stubs and W-2's do not match, which is why we constantly tell people not to use pay stubs to prepare tax returns.  The W-2 is what your employer reported to the IRS.  If you think the W-2 is wrong you need to talk to your employer and find out why it is different from what you expected.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
macuser_22
Employee
January 21, 2021

Just a guess.  Your paystub might only reflect the amount of take home pay that is in the check you received and the W-2 shows total income including deferrals to a retirement plan like a 401(k) and other W-2 box 12 amounts.     They are probably reporting on two different things.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**