EIC when only wages is $93 term life ins

Forum|Forum|4 years ago
March 22, 2022
2 replies
27 views

Has anyone come across a client receiving earned income credit when their only wages are from term life insurance? Have a client that retired but receives a W-2 from VA Retrrement System with the term life ins reported in box 1 of W-2.

Anyway to get around this since he doesn't really qualify for EIC?

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

A W2 with an amount in Box 1 is considered wages.

How much EIC is it generating?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

BobKamman

Level 15

I have a client who received one of those for years. It also showed uncollected SS tax on the "wages," which had to be shown on a different form and carried over to a separate schedule, or maybe it went on a different schedule that carried over to separate form. This year, there was no W-2, and I asked why. Turns out the insurance amount had been reduced below $50K, probably because she turned 65.

For an $11 credit, I would ignore and override.

Sign up

Login with SSO

Let's get you signed in

Login with SSO