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My medicare wages exceed 9,999,999.99. This is because I have to pay FICA on all my deferred compensation once I turn 60. How do I enter a larger number in Box 5?
Turbo tax seems to have an upper limit on the number of digits we can enter in a box-- in this case it is the Medicare Wages box.
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January 21, 2020
3:51 PM
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Get your taxes done using TurboTax
Are you sure you have not misplaced a decimal point somewhere? If you had 10 million dollars of income what are you doing using do-it-yourself tax software?
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
January 21, 2020
4:02 PM
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Get your taxes done using TurboTax
TurboTax does not permit the entry of amounts of $10M or more.
January 21, 2020
6:06 PM
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Get your taxes done using TurboTax
just split up the W-2 you received into two pieces as a work around... and the FICA is capped at about $120,000 times 6.2%; but yes, the medicare 1.45% never stops and of course there is the .9% ACA tax as well.
but as noted above, the workaround may be paying an accountant!........ and a tax accountant and an investment advisor and a financial planner and an insurance agent and an adoption lawyer (so we can figure out how to adopt me!) 😀
January 21, 2020
6:15 PM