Get your taxes done using TurboTax
Let's figure this out. Your W-2 should include the following letters in Box 12. If they are not there then you should add them yourself. The dollar amount should equal 6.2% and 1.45% respectively times the amount in Boxes 3 and 5.
- M — Uncollected Social Security or RRTA tax on taxable cost of group-term life insurance over $50,000 (former employees only). Include this tax on Form 1040 Schedule 2, line 8, identify as “UT”.
- N — Uncollected Medicare tax on taxable cost of group-term life insurance over $50,000 (former employees only). Include this tax on Form 1040 Schedule 2, line 8, identify as “UT”.
In my test I created your scenario and entered the information, as I described above, on the W-2. I also added $1 in Box 1, in the hopes that it will e-file for you. See the images below for assistance and you can Preview My 1040 after your entry.
For TurboTax Online use the steps below.
- Open or continue your return.
- With the Tax Tools menu open, you can then:
- View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu. (Scroll to Schedule 2)
