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.
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.
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.
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