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Retirement tax questions
Please compare the amounts reported on the W2 to the following;
Railroad Tier 1 maximum withholding is as follows:
- Maximum taxable compensation during 2020 is $137,700 for tier 1
- Maximum taxable compensation during 2020 is $102,300 for tier 2.
Maximum taxable compensation for social security during 2020 is $137,700.
Please be aware that the Railroad W-2 is designed differently and you may have to look in boxes to see the actual amounts withheld for Tier 1 (social security equivalent portion) and Tier 2 (retirement portion)
ā€ˇFebruary 7, 2021
8:17 PM