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October 2, 2024
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If there is an amount listed for deferred compensation on my tax transcript is that box 11 on my W2?

  • October 2, 2024
  • 2 replies
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I never received my W2s and am super late filing so I’m going off of my tax transcript but not sure if I report the amount for deferred compensation.
Best answer by dmertz

Whatever amount is shown for box 11 of the W-2 must be entered into box 11 of TurboTax's W-2 form.  Distributions from nonqualified deferred compensation plans reported box 11, while included in the taxable amount shown in box 1, are not counted as wages for purposes that depend on the amount of your wages, such as whether or not the amount in box 1 of the W-2 will support an IRA contribution.  For those purposes, TurboTax will automatically reduce the amount entered in box 1 by the amount entered in box 11.

2 replies

Employee
October 2, 2024
No text available
dmertzAnswer
Employee
October 2, 2024

Whatever amount is shown for box 11 of the W-2 must be entered into box 11 of TurboTax's W-2 form.  Distributions from nonqualified deferred compensation plans reported box 11, while included in the taxable amount shown in box 1, are not counted as wages for purposes that depend on the amount of your wages, such as whether or not the amount in box 1 of the W-2 will support an IRA contribution.  For those purposes, TurboTax will automatically reduce the amount entered in box 1 by the amount entered in box 11.