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Old 01-21-2010, 06:03 AM   #1
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Default How to claim severance pay on turbo-tax??

When my wife did her taxes on turbotax, it ASKED if she recieved severance pay as an option throughout the session. Now when she went to do MY taxes, there was nothing on there about severance pay. Which I have. They took out 28% taxes which are claimable, I need to find out how to claim them.

Any help guys?
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Old 01-21-2010, 06:08 AM   #2
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Default Re: How to claim severance pay on turbo-tax??

sounds like she clicked on a box that she shouldnt have??
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Old 01-21-2010, 06:18 AM   #3
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Default Re: How to claim severance pay on turbo-tax??

Well which box did she "accidentally" click on, because I need to find it and PURPOSELY click on it!
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Old 01-21-2010, 07:55 AM   #4
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Default Re: How to claim severance pay on turbo-tax??

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sounds like she clicked on a box that she shouldnt have??
well you cant ask her. she's a woman :p
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Old 01-21-2010, 08:04 AM   #5
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Default Re: How to claim severance pay on turbo-tax??

There's a FAQ on turbotax, you'll get a lot better answers there.
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Old 01-21-2010, 08:05 AM   #6
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Default Re: How to claim severance pay on turbo-tax??

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well you cant ask her. she's a woman :p
LOL.
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Old 01-21-2010, 08:08 AM   #7
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Default Re: How to claim severance pay on turbo-tax??

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There's a FAQ on turbotax, you'll get a lot better answers there.
She claims she tried doing that but they are trying to charge her for using that help service..
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Old 01-21-2010, 08:22 AM   #8
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Default Re: How to claim severance pay on turbo-tax??

Perhaps she used a different version.
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Old 01-21-2010, 08:25 AM   #9
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Default Re: How to claim severance pay on turbo-tax??

Severance pay or accumulated vacation or sick pay also is taxable.

Tax will be withheld at the same rates as it was from your salary or wages while you were working. These amounts will be included on your W-2


....................
sounds to me like you don't necessarily have to differentiate it from your income. I would think that you could just add it to your income, then add the taxes from it to your taxes paid already. According to this source this info should be on your W-2.
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Old 01-21-2010, 09:20 AM   #10
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Default Re: How to claim severance pay on turbo-tax??

Don't claim it ROW ROW FIGHT THE POWA
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Old 01-21-2010, 09:41 AM   #11
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Default Re: How to claim severance pay on turbo-tax??

I received only severance pay last year from one of my jobs, they were the only checks I got. I received a w-2 like regular wages, no special boxes were checked or had amounts in them. the w2 looked the same as the other years. Taxes were deducted at the time of being paid like a regular pay check.

I did not notice any special options for severance pay when I did my taxes through turbotax recently, I did the free version.
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Old 01-21-2010, 11:15 AM   #12
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Default Re: How to claim severance pay on turbo-tax??

severance pay is income.
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Old 01-21-2010, 12:32 PM   #13
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Default Re: How to claim severance pay on turbo-tax??

Quote:
Originally Posted by Twixle View Post
Severance pay or accumulated vacation or sick pay also is taxable.

Tax will be withheld at the same rates as it was from your salary or wages while you were working. These amounts will be included on your W-2


....................
sounds to me like you don't necessarily have to differentiate it from your income. I would think that you could just add it to your income, then add the taxes from it to your taxes paid already. According to this source this info should be on your W-2.
So where do I add it to my income? I know the tax rate they took out was at 28% and I know exactly how they took out, but how would I add that in turbo tax?

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severance pay is income.
I understand this but it's extremely evident that it was NOT included in my normal W2's. Not only from the total earnings from the past year weren't high enough to include it, but the return I should be getting from my severance alone is worth more than I'm supposedly getting back on my taxes right now
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Old 01-21-2010, 01:47 PM   #14
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Default Re: How to claim severance pay on turbo-tax??

Why would it not be on your W2? If it's not on there how do you know how much you were paid and how much was already taken out for taxes?

Anyways, the pay you received is regular income stick it in the wages/income section of the software. Then input how much in tax was withheld already in the section that asks you how much taxes you've already had withheld.

I think you're making this more complicated than it needs to be.
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Old 01-22-2010, 06:58 AM   #15
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Default Re: How to claim severance pay on turbo-tax??

Micha brought up an interesting point in the Military thread.. I didnt actually receive this severance pay until january 1st.. I was under the impression that since it was in the system in december that I would claim it this year. But since I didnt receive the money until january first, I cant claim that severance pay until 2010 can I
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Old 01-22-2010, 07:05 AM   #16
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Default Re: How to claim severance pay on turbo-tax??

That's probably why it wasn't on your W2.
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Old 01-22-2010, 07:12 AM   #17
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Default Re: How to claim severance pay on turbo-tax??

Damn. That sucks. I was expecting that money this year
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