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U078590c
New Member

Why I am I getting a message saying You have a W-2c coming . Since you deferred some of your social security taxes last year. We did not deferred anything last year

I am no longer an employee.  I am also getting this message "You may be due some cash back once you repay last year's deferred Social Security taxes"; however, my box 4 plus code M of box 12 = 6.2% of box 3.   What do I need to do with code M of box 12 other than report it on my W-2 income?  I won't be getting a W-2C from my employer.  Do I somehow need to pay code M of box 12?

DianeW777
Expert Alumni

Why I am I getting a message saying You have a W-2c coming . Since you deferred some of your social security taxes last year. We did not deferred anything last year

If you have a W-2 with code M in Box 12, simply enter the information in the W-2. TurboTax knows what to do.

 

M—Uncollected social security or RRTA tax on taxable cost of group term life insurance over $50,000 (former employees only). The tax is being calculated and entered on the appropriate line of Form 1040/1040-SR.

N—Uncollected Medicare tax on taxable cost of group term life insurance over $50,000 (former employees only). See the Instructions for Forms 1040 and 1040-SR.

 

These taxes will show up on Schedule 2, line 8, then transferred to Form 104./1040-SR.

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