@DaveF1006 This is very helpful, thanks!
One more question in this vein: I assume that taxable wages (W2 box 1) income goes in the form 8958 part 1. How do you indicate how you are allocating Medicare wages on that form (and importantly, how do you indicate that to TurboTax)? For the form, perhaps using separate lines, i.e.:
Employer 1 (taxable wages) ...
Employer 1 (Medicare wages) ...
Employer 2 (taxable wages) ...
Employer 2 (Medicare wages) ...
No idea how to tell TurboTax how to adjust Medicare wages since the only option is the "total income adjustment" entry box.
This might be relevant for a hypothetical partnership where one makes 250k and one makes 100k. As re-allocating money from the 250k earner moves them below the threshold for Additional Medicare Tax Form 8959.
Similarly, how do I indicate on TurboTax the amount of interest/dividend income that was re-allocated which will be subject to NIIT?
