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Richard
Richard, Tax Attorney
Category: Tax
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Experience:  29 years of experience as a tax, real estate, and business attorney.
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If personal use of a company car is reported on W-2 box 14,

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If personal use of a company car is reported on W-2 box 14, is that amount subject to tax in addition to what is reported as wages, tips or other compensation in box 1?

Good afternoon. Yes, that amount would indeed be includible in income and subject to tax.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 6 years ago.
So the amount reported as a fringe benefit (personal use of company car) was not included as other compensation in Bob 1 of the W-2? If reported separately where on from 1040 would it be reported?
It should not have been reported twice...to make sure you should contact your employer. It would be miscellaneous income.
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