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Wichita Kansas Form W-2AS: What You Should Know

Non-Business Use of W-2 — IRS A non-business use of a “W” is a deduction made when a person performs exempt activities or receives compensation, other than wages, that equals or exceeds one-half of his or her adjusted gross income or 400, whichever is less.  A person may perform a non-business use of a W-2 if he or she is entitled: to receive social security benefits at the time of employment (unless exempted on the basis of disability); to receive tax-exempt interest or dividends on the value of his or her principal residence or a qualified farm or fishing property, for calendar year 2024 or 2024 only (not for calendar year 2024 only if a qualified farm or fishing property is located in Kansas); to receive any deduction on certain property, including the fair market value of any investment, that is attributable to an increase in an itemized deduction; or to receive certain benefits such as certain retirement benefits, employee group life insurance, long-term disability insurance, medical and hospital insurance, unemployment compensation, federal social security retirement benefits, and federal employee retirement or pension benefits. The non-business use does not include an increase in an allocable amount claimed as a credit or refund by the taxpayer. To avoid the tax, a person's wages must be reported on Schedule C as wages (without regard to whether withholding tax is applied).  If you are subject to withholding on the amount of social security benefits under section 83(a), have this amount included as a penalty withholding from your wages. The amount of social security benefits withheld may be included in box 1, line 21 of Form W-2, except that a social security account number or other evidence shall be provided to substantiate any claim that the amount withheld is attributable to social security benefits. Form 8938 with the IRS (not required but can be helpful) If you are required to make Form 3122 reporting taxable income under section 6039B and did not report income in an earlier year, use Form 8938 to report the income. Form 843 (also required as a penalty withholding report for non-business use) Report the amount of income tax withheld and reported on Form 843, Non-Business Use of W-2.

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