Deferred Comp on taxes question

[Enjoyingthemiddle]

Good morning,

Due to an acquisition my husbands employer paid out funds from a deferred compensation plan in 2022. The funds were not yet vested, however they made the decision to pay out all funds regardless. On the W-2 it shows up in box 14 Other and states “DEFRD XXXXX.XX” (the Xs represent the amount of the pay out).

I’d like to complete our own taxes in TurboTax as I typically do. When I import his W-2 it calls out this box and asks for a description and I’m unsure of what this should be. Also, is there anything else I need to do in addition to this when filing?

Please let me know if more information is needed to fully understand the situation. Thanks in advance for any insight!

[Duckie]

Enjoyingthemiddle, welcome to the forum.

On the W-2 it shows up in box 14 Other and states “DEFRD XXXXX.XX” (the Xs represent the amount of the pay out).

Does the amount in Box 1 include the amount in Box 14?

I’d like to complete our own taxes in TurboTax as I typically do. When I import his W-2 it calls out this box and asks for a description and I’m unsure of what this should be.

If it was a "Deferred Comp payout" just put that in Box 14 as a description, then the amount in the next Box 14 box, and Other (not classified) in the Category box.

Also, is there anything else I need to do in addition to this when filing?

Was the Deferred Comp considered a qualified or non-qualified plan?

[Enjoyingthemiddle]

Enjoyingthemiddle, welcome to the forum.

On the W-2 it shows up in box 14 Other and states “DEFRD XXXXX.XX” (the Xs represent the amount of the pay out).

Does the amount in Box 1 include the amount in Box 14?

I’d like to complete our own taxes in TurboTax as I typically do. When I import his W-2 it calls out this box and asks for a description and I’m unsure of what this should be.

If it was a "Deferred Comp payout" just put that in Box 14 as a description, then the amount in the next Box 14 box, and Other (not classified) in the Category box.

Also, is there anything else I need to do in addition to this when filing?

Was the Deferred Comp considered a qualified or non-qualified plan?

Thank you for the welcome!

The amount in box 14 was included in box 1.

This was a non-qualified plan

[FiveK]

Is there also an amount in box 11?