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Offline swaman

W-2 Questions
« on: Feb 24, 2013, 09:44 »
Hi All!
I am relatively new to the contractor world, this being my first tax filing since starting with DZA.
I started to do my taxes recently and immediately noticed some potential problems with my W-2 from DZ.
First: My state wages are posted separately in box 15 for NY and NJ, however it is my NY number that is used in the wages, tips etc. in box 1.
This doesn't make sense to me, because the Feds certainly want to know about the NJ wages too. Any advice?
Also, nowhere on the W-2 is there a separation of perdiem and wages. How do I go about determining this? Do I have to backtrack and figure out each day I worked, and each different rate of diem?
I'm looking to you all, as the SME's on this subject, and appreciate your help.
Thanks in advance!
SwaMan

Offline Already Gone

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Re: W-2 Questions
« Reply #1 on: Feb 24, 2013, 03:54 »
The question about your NY vs. Federal wages, (box 15 NY vs. box 1) depends on where you live and where you worked.  If you could be specific about that, it would help.  If you live in NY, the company may have actually helped you out here by matching your NY and Federal income in boxes 1 and 15.  That way, they would also have withheld enough taxes to cover your NY liability.  If they didn't do that, you would owe huge penalties to NY for underpaying your NY taxes - even with the credit you get for taxes paid to NJ.
Your per diem shows up NOWHERE on your W-2.  If you're smart, forget that you got per diem and forget about deducting travel expenses UNLESS your travel expenses were actually much higher than your per diem and you have receipts to prove it.  In almost all circumstances that is not the case.  So, just take the per diem and ignore it as far as your tax return goes.  The numbers on your W-2 should only indicate the wages you earned and NOT per diem or mileage.
"To be content with little is hard; to be content with much, impossible." - Marie von Ebner-Eschenbach

Offline 61nomad

Re: W-2 Questions
« Reply #2 on: Feb 24, 2013, 11:11 »
Mileage expenses are separate from per diem.  However, they would have to exceed 2% of your AGI and you must itemize.  I am not a CPA but I do occasionally stay at Holiday Inn Express. 

Offline traveltax

Re: W-2 Questions
« Reply #3 on: Aug 11, 2013, 08:57 »
The question about your NY vs. Federal wages, (box 15 NY vs. box 1) depends on where you live and where you worked.  If you could be specific about that, it would help.  If you live in NY, the company may have actually helped you out here by matching your NY and Federal income in boxes 1 and 15.  That way, they would also have withheld enough taxes to cover your NY liability.  If they didn't do that, you would owe huge penalties to NY for underpaying your NY taxes - even with the credit you get for taxes paid to NJ.
Your per diem shows up NOWHERE on your W-2.  If you're smart, forget that you got per diem and forget about deducting travel expenses UNLESS your travel expenses were actually much higher than your per diem and you have receipts to prove it.  In almost all circumstances that is not the case.  So, just take the per diem and ignore it as far as your tax return goes.  The numbers on your W-2 should only indicate the wages you earned and NOT per diem or mileage.

Late on this but good information for the knowledge base.
NY requires ALL wages earned by en employer to be reported as NY wages if they earn any income in NY. You fix this in the NY return by allocating work days in NY and out
Joseph Smith EA/MS Tax
Enrolled Agent, Admitted to Practice Before the IRS
TravelTax TravelTax Canada
www.traveltax.com info@traveltax.com

 


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