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Post by lap65 on Feb 7, 2015 12:57:30 GMT -5
Ok Ive only done my own taxes a few times, so this may be a stupid question......I thought TESPHE contributions were not taxable until they were withdrawn, so why is the amount from profit sharing last year included as wages on our w2? It said as I was filing you made xx amount so you dont qualify for xx, the amount listed was including the profit sharing amount that all went to TESPHE.
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Post by turk182 on Feb 7, 2015 13:18:47 GMT -5
It should'nt on your federal. I'm from ohio and there you had to pay tax on it only for the city you lived in. No you absolutely should'nt be paying federal tax on it. Do you get some kind of a match on your acct?
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Post by lap65 on Feb 8, 2015 0:13:43 GMT -5
No, I dont think it really affected my return, just seems like it could under some circumstances when its included in your income
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Post by justaworker on Feb 8, 2015 0:51:59 GMT -5
Profit share is taxable income, ford is required to tax it when they pay you. And both amounts are included in your w2. I have alot of experience with taxes, and I dont do them for others anymore but would be glad answer any questions. Just direct message me.
And congrats on putting it in savings.
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Post by turk182 on Feb 8, 2015 13:20:16 GMT -5
Profit sharing is NOT taxable income when you put it in tesphe. I see why you don't do other peoples taxes
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Post by fordlapworker1993 on Feb 8, 2015 13:36:36 GMT -5
Profit sharing is NOT taxable income when you put it in tesphe. I see why you don't do other peoples taxes The couple of times I put my entire profit sharing in TESPHE the tax for it came out out of my next paycheck. Maybe its changed by now not sure, its been a few years since I put the whole thing in there. |
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Post by turk182 on Feb 8, 2015 16:24:06 GMT -5
The tax they took out was state and local taxes.Not federal. You'd be suprised how many people have their hands in your pockets.
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Post by fordlapworker1993 on Feb 8, 2015 17:35:19 GMT -5
The tax they took out was state and local taxes.Not federal. You'd be suprised how many people have their hands in your pockets. Yeah its bs! I couldn't remember which it was. |
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Post by justaworker on Feb 8, 2015 19:20:09 GMT -5
Profit sharing is NOT taxable income when you put it in tesphe. I see why you don't do other peoples taxes Yeah, I read that wrong. Thanks for correcting my error. I tried to link the bulletin that explains the deductions in detail, but couldn't from my phone |
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