I turned 65 in 2018. My company added the value of my unvested retirement benefits (stocks and long-term cash incentives, but not 401K) to Box 5 of my W2 form. This figure was on top of my regular Medicare wages and tips. The result was to spike our federal taxes due. Is this a glitch with TurboTax Premier (which I'm using) or is this supposed to happen: Are our federal income taxes on unvested retirement benefits supposed to be collected at this time?
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It's likely that the additional amount in box 5 increased the amount of additional Medicare tax on Form 8959 that you must pay. Examine Form 8959 in forms mode.
It's likely that the additional amount in box 5 increased the amount of additional Medicare tax on Form 8959 that you must pay. Examine Form 8959 in forms mode.
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