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W2 for life insurance >$50,000

The company that issues my W2 for life insurance in excess of $50,000 screwed up this year.  Box 12a correctly has code C with a $$$ amount but boxes 12b and 12c are blank.  Normally, box 12b would be populated with code M and a $$$ amount for unpaid social security taxes and box 12c would be populated with code N and a $$$ amount for unpaid medicare tax.  I know what these amounts should be )code C $$$ x .062 and code C $$$ x .0145 so that part is easy.

 

My question is should I attempt to get a corrected W2 because my return would not match the W2 or is that information simply for the filer?   Would the IRS reject my return if I submitted it with the appropriate amount of taxes owed input into TT or do I need a corrected W2?

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3 Replies
BillM223
Employee Tax Expert

W2 for life insurance >$50,000

The amounts in box 12 with the codes of M and N appear on Schedule 2 (1040) line 8c with the notation of UT (Uncollected Taxes).

 

Therefore, if you are liable for these taxes (and it sounds like you know you are), then they must be entered when you enter your W-2 so that your tax return is correct.

 

I would encourage you to get a corrected W-2, so that what TurboTax sends to the IRS with your return matches what the IRS already received from your employer. 

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W2 for life insurance >$50,000

Thanks for your reply.  I don't think I made my question very clear.  I am in act l1ble for the taxes and enter the amount of social security and medicare tax due in TT.  While he fields are blank, I know what the tax due amounts are:code C $$$ x .062  for code M and code C $$$ x .0145 for code N.  So, I can calculate taxes due and populate TT to submit a return.  I'm just curious if this would create an issue with the IRS if the W2 they have received has these boxes blank.

ON another note, I retired from AT&T so Alight Solutions has distributed many thousands of these incorrect W2s.  I just wonder if the IRS software is "smart" enough to pick up on the fact that a code C amount should also have a code M and N amount.

W2 for life insurance >$50,000

I am sure corrected W-2 forms are on the way ... I would wait for it before filing however if you want to chance it you can enter the correct amounts on the box 12 lines and file the return but you chance the need to amend the return later. 

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