Projecting wages from a year-to-date pay stub or single paycheck

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Use this procedure to project annual wage amounts for a taxpayer or spouse based on a year-to-date pay stub or single check amount. The following amounts can be projected.

  1. In the main data-entry window, click the Income button and then click the Wages tab.
  2. In the Wages tab, double-click a data-entry field for either the taxpayer or spouse. The W-2 Information dialog opens.

    Note: You can also open the W-2 Information dialog by selecting a data-entry field and choosing Edit > Allocations.

  3. In the W-2 Information dialog, do one of the following:

    • If you have not previously added an employer for the data-entry field you selected, the default name "Employer" appears in the Employer name field. Enter the actual name of the employer.
    • If you previously added an employer for the data-entry field you selected, that employer will be highlighted. To avoid overwriting the existing employer's data, click the New button and enter the new employer's name in the Employer name field.
  4. Click the Wage Projection button.

    Note: You will be prompted to create a new W-2 if you click the Wage Projection button and have previously entered wage amounts for the current employer.

  5. In the Wage Projection dialog, to indicate how often the taxpayer or spouse is paid, click the Weekly, Biweekly, Semimonthly, or Monthly option.
  6. In the Payment stub type group box, click an option to indicate whether or not the pay stub you would like the Wage Projector to calculate from is a year-to-date pay stub or a single payment. If the pay stub is a year-to-date pay stub, enter the date of the current statement in the Statement date field.
  7. Verify the dates in the Employment period group box are correct. They default to January 1 and December 31 of the plan year. If the employment period is shorter than that, enter the correct dates.
  8. Verify the payment number and number of payments in the employment period are correct.
    • If you chose the Year to date payment stub type, the Wage Projection dialog will indicate its calculation of which pay stub this is. If this is a different pay stub (e.g., the eighth pay stub for the year rather than the ninth), enter the correct number here.
    • If you chose the Single payment payment stub type, the Wage Projection dialog will indicate that this is payment number 1.
  9. Enter the wages and withholdings listed in the pay stub or paycheck in the Year to date or Single payment column. If this is a year-to-date pay stub, be sure to enter year-to-date wage and withholding amounts.

    The Wage Projection dialog displays the projected wage and withholding value for the year in the Projected column.

  10. In the Wage Projection dialog, click OK to transfer the projected amounts to the W-2 Information dialog.
  11. In the W-2 Information dialog, do one of the following:

    • To transfer the projected amounts for the listed employers to the plan, click OK.
    • To close the W-2 Information dialog without transferring the projected amounts to the plan, click Cancel.
    • To project wages for another employer, click the New button, enter the new employer's name, and return to step 4 in this procedure.

Related topic: Entering W-2 information from multiple employers or states

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