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Retirement tax questions
Instead of Turbo Tax just stating that you have a W-2C coming soon there should be a better explanation. That in itself implies that the employee deferred their Social Security taxes, but in effect it was the employer that was able to defer these taxes under IRS Notice 2020-65 Reporting of Employee Social Security Tax Deferred. A link to this IRS Notice will also be beneficial and should clear up some confusion.
‎February 20, 2021
12:06 PM