I am Kuochih Huang, also an user of IPUMS CPS dataset. I have the same queation as you raised in Jan 28. I also find that many replacement values for incwage are much lower than the coded ones. Have you find the answer and solve this problem now? I will appreciate it very much if you can share the information with me. Thanks!
Sadly I wans’t able to get to the bottom of this issue. I tried asking the Census help center a few times receiving incomplete answers with links leading nowhere. Finally, after a very long waiting period and a good few attempts, I got an answer saying:
" You should contact the Income Surveys Branch for this specific data at (301) 763-3243 for possible assistance".
I tried contacting the number mentioned a few times but to no avail.
Sorry I couldn’t be of more help. If you succeed where I have failed I would very much appreciate it if you share their answer with me (and the rest of the CPS community).