Yes, it is for group-term life insurance over $50,000. I am not a current employee. I am retired and the codes M & N appear to be recorded correctly and amounts calculated correctly according to IRS rules that are published.
The real issue I have is that if these are reported as they were last year (although lower because of reduction annually of the insurance amount) it will end up showing on schedule 2nad that will disqualify me from being able file my taxes "free" with turbotax (which I have used for years and years). Other than the imputed income I have ZERO tax liability.
So the question is, is there a way to report the imputed income amount and the taxes to be paid without it appearing on the schedule 2?
I supose I could leave the imputed income w-2 out of the return and then file an amended return later to pay the tax on the imputed income? I have done that by mistake in past years a couple of times but that was before the TT change to no do taxfiling for free if there was a schedule 1,2,3.
This is the last year that I will have imputed income as the wonderful company that I worked for is dropping everyone whose age has reached 70 to total of $15000 and there will no longer be imputed income since no longer will be above $50,000.
I don't want to have to use another tax prep software for one year and then switch back to TurboTax because of this. Any ideas will be appreciated!
Thanks for your input so far!
