Welcome! | Ask A Question
Asked 5/23/2010
|
The wages of the individual were listed as less then the full wage on the W2 form. I know that this individual has had his monthly wages garnished for a debt due to co-signing for his daughter-in-law's purchase of a van. (the D-I-L has since sold the van, filed bankruptcy and left town, so the father-in-law is left with the debt.) Yet, on his W2, the only thing marked is in the box labeled 12a code D for the amount of 1257.80. This makes his wages be less than they actually are.
|
Answer 1/1 - Submitted 5/23/2010
Garnishment doesn't show on a W-2.
Unless the garnishment is for state income taxes, the garnishment will have no effect on an individual's tax return. (And the state income tax, only if the taxpayer itemizes their deductions.)
The person's full wages (after allowable pre-tax deductions like 401(k)) are shown on the tax return.
I suspect your person still participated (for part of the year, perhaps) in the 401(k). Use the box 1 amount as usual. Perhaps he still has some pay stubs, which might show both garnishment amount and retirement ... ?
And if the W-2 is incorrect, the employer needs to issue a corrected one.
Type your Answer in the box below and post your answer.
Related Questions (Ask a New Question)
I am limited on the amount that i can contribute to my 401k by my paycheck, which is a nominal hourly wage and basically covers my tax obligations. how can i contribute the cash portion of my wages into the 401k? i wish to contribute the maximum allowable, which is 16,500 for 2010.
I have recently receive my income tax refund with no explanation on what appears to be a reduction in the amount claimed for the earned income credit after having completed the worksheet for form 1040 line 64a as required, and i have concluded that the only other income that i have beside wages from...
My company got a goverment contract and has to pay the worker higher wages. they are saying we have to put a big % in 401k can they do that? force us to put a certain amount of our wage in 401k it is 33% which is a lot and seems fishy
|
I am limited on the amount that i can contribute to my 401k by my paycheck, which is a nominal... |
|
I have recently receive my income tax refund with no explanation on what appears to be a reduction... |
|
My company got a goverment contract and has to pay the worker higher wages. they are saying... |
|
What is garnishment of property other than wages mean? Besides garnishing my wages, i heard they sieze your bank accounts, how does that work? and... |
|
I recieved benefits form a 401k plan my mother had, they included this in my income listed... |
|
I am trying to do my taxes from the last check of the year. |
Ask A Question
Ask a new question about
401k:
About
| Contact Us
| Membership Agreement
| Privacy Policy
| Site Map
| Advertise on this Site
Copyright © 401kQuestions.net 2012. All rights reserved.