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sudnanda1
New Member

My medicare wages exceed 9,999,999.99. This is because I have to pay FICA on all my deferred compensation once I turn 60. How do I enter a larger number in Box 5?

Turbo tax seems to have an upper limit on the number of digits we can enter in a box-- in this case it is the Medicare Wages box.
3 Replies
xmasbaby0
Level 15

My medicare wages exceed 9,999,999.99. This is because I have to pay FICA on all my deferred compensation once I turn 60. How do I enter a larger number in Box 5?

Are you sure you have not misplaced a decimal point somewhere?  If you  had 10 million dollars of income what are you doing using do-it-yourself tax software?

**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.**
dmertz
Level 15

My medicare wages exceed 9,999,999.99. This is because I have to pay FICA on all my deferred compensation once I turn 60. How do I enter a larger number in Box 5?

TurboTax does not permit the entry of amounts of $10M or more.

NCperson
Level 15

My medicare wages exceed 9,999,999.99. This is because I have to pay FICA on all my deferred compensation once I turn 60. How do I enter a larger number in Box 5?

just split up the W-2 you received into two pieces as a work around... and the FICA is capped at about $120,000 times 6.2%; but yes, the medicare 1.45% never stops and of course there is the .9% ACA tax as well.

 

but as noted above, the workaround may be paying an accountant!........ and a tax accountant and an investment advisor and a financial planner and an insurance agent  and an adoption lawyer (so we can figure out how to adopt me!) 😀  

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