topic W-2 premiums on a $120,000 (over $50,000) group life insurance benefit. How do a pay Social Security and medicare on TurboTax? in Get your taxes done using TurboTax

W-2 premiums on a $120,000 (over $50,000) group life insurance benefit. How do a pay Social Security and medicare on TurboTax?

bob2020rs — Mon, 15 Mar 2021 21:16:17 GMT

Hello, I have received a W-2 for the premiums on a $120,000 (over $50,000) group life insurance benefit from my former employer (I'm now retired), for $600. I know that I am responsible for paying the social security and medicare taxes on the $600 (not deducted on W-2), but do not know how to go about doing so. Can you please tell me how I can pay the social security and medicare taxes owed on this amount, using TurboTax?

Thank you!

Re: W-2 premiums on a $120,000 (over $50,000) group life insurance benefit. How do a pay Social Security and medicare on TurboTax?

macuser_22 — Mon, 15 Mar 2021 21:39:48 GMT

SS & Medicare on a W-2 can only be withheld and paid by the employer. You only pay it yourself when it is self-employed income.

Re: W-2 premiums on a $120,000 (over $50,000) group life insurance benefit. How do a pay Social Security and medicare on TurboTax?

bob2020rs — Mon, 15 Mar 2021 22:34:19 GMT

Thank you macuser 22! At some point in TurboTax, I reached a point when the screen stated, "Heads up! You have a W-2c coming". It went on to say, see screen shot below. I am guessing, because no Social Security taxes, or Medicare taxes were deducted from this W-2, I am responsible. I don't every remember this happening in past years using TurboTax. I am very confused and just want to pay my taxes and get this behind me.

Re: W-2 premiums on a $120,000 (over $50,000) group life insurance benefit. How do a pay Social Security and medicare on TurboTax?

macuser_22 — Mon, 15 Mar 2021 22:53:53 GMT

That e-mail was sent to thousands in error. It was intended to alert taxpayer to the fact that the temporary SS & medicare withholding was *temporarily* suspended in 2020 due to COVID, but still must be paid in 2021, hence a W-C to add the under withheld tax.

I believe that e-mail was sent to everyone that has a W-2 on their tax return whether they elected to have their employer to defer the tax or not. The tax deferral was an option for the employee and not automatic.

Re: W-2 premiums on a $120,000 (over $50,000) group life insurance benefit. How do a pay Social Security and medicare on TurboTax?

bob2020rs — Mon, 15 Mar 2021 23:37:02 GMT

Thank you for the addition infomation macuser_22. I can see since I retire in October 2016, they deferred Social Security and Medicare. I am upset about this, because I missed this, and have only become aware of it in TurboTax this year( March 2021). I have been using TurboTax for years. Now I need to figure out how to handle this mess.