Yes, here is how you should enter your W-2 for the correct uncollected social security and medicare taxes to be paid on your tax return. it's not technically 'Group Term Life' insurance, however it will provide the correct results for your return. Line 62 no longer exists and it should show up on Schedule 2, Line 13.
Use Box 12 in the W-2 entry:
M—Uncollected social security or RRTA tax on taxable cost of group term life insurance over $50,000 (former employees only). The tax is being calculated and entered on the appropriate line of Form 1040/1040-SR.
N—Uncollected Medicare tax on taxable cost of group term life insurance over $50,000 (former employees only).
These taxes will show up on Schedule 2, line 8, then transferred to Form 1040/1040-SR.
Keep your documents on file should you need then later, but this is absolutely fine to take care of this type of payment that is required for you. The key is to have the taxes paid with your return.
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