1948877
You'll need to sign in or create an account to connect with an expert.
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?
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Rhkjr
Level 1
garys_lucyl
Level 2
MarkH421
New Member
rbucking4
New Member
atn888
Level 2