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jenrno317
New Member

Do I need to correct my W2 if my Medicare wages is listed as higher than my total wages. (Salary reduction firm-wide midyear)

 
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4 Replies

Do I need to correct my W2 if my Medicare wages is listed as higher than my total wages. (Salary reduction firm-wide midyear)

Medicare wages reported in box 5 of the W-2 can be higher then the gross wages reported in box 1.  This is not an issue on your tax return or with the IRS.  There is no need for a corrected W-2.

TomK2023
Expert Alumni

Do I need to correct my W2 if my Medicare wages is listed as higher than my total wages. (Salary reduction firm-wide midyear)

Are you sure that you did not have pre-tax dollars taken out of your income?  

 

The W-2 Box 5 amount is taxable wages subject to Medicare taxes. This differs from your gross earnings because there are certain deductions that reduce your Medicare taxable wages, such as pretax medical/dental and vision insurance, and FSA Medical and Dependent Care.

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Do I need to correct my W2 if my Medicare wages is listed as higher than my total wages. (Salary reduction firm-wide midyear)

Certain salary reduction for taxable wages do not reduce taxable medicare wages. 

Do I need to correct my W2 if my Medicare wages is listed as higher than my total wages. (Salary reduction firm-wide midyear)

The replies above take care of your question about the Medicare wages.  But for other users who might read this thread---it is important to note that YOU cannot change anything on your own W-2.   If there is anything on a W-2 that needs to be changed---the change has to be made by the employer.  Not you.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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