Deferred Comp on taxes question

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Topic Author
Enjoyingthemiddle
Posts: 8
Joined: Mon Jan 23, 2023 8:59 am

Deferred Comp on taxes question

Post by 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!
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Duckie
Posts: 9149
Joined: Thu Mar 08, 2007 1:55 pm

Re: Deferred Comp on taxes question

Post by Duckie »

Enjoyingthemiddle, welcome to the forum.
Enjoyingthemiddle wrote: Mon Jan 23, 2023 9:11 am 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?
Topic Author
Enjoyingthemiddle
Posts: 8
Joined: Mon Jan 23, 2023 8:59 am

Re: Deferred Comp on taxes question

Post by Enjoyingthemiddle »

Duckie wrote: Mon Jan 23, 2023 5:45 pm Enjoyingthemiddle, welcome to the forum.
Enjoyingthemiddle wrote: Mon Jan 23, 2023 9:11 am 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
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FiveK
Posts: 13667
Joined: Sun Mar 16, 2014 2:43 pm

Re: Deferred Comp on taxes question

Post by FiveK »

Is there also an amount in box 11?
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