Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- EIC when only wages is $93 term life ins
EIC when only wages is $93 term life ins
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
bheizer
Level 4
03-22-2022
12:29 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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?
Labels
2 Comments 2
Just-Lisa-Now-
Level 15
03-22-2022
12:32 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
A W2 with an amount in Box 1 is considered wages.
How much EIC is it generating?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
How much EIC is it generating?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
BobKamman
Level 15
03-22-2022
01:05 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
