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- EIC when only wages is $93 term life ins
EIC when only wages is $93 term life ins
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bheizer
Level 4
03-22-2022
12:29 PM
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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?
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2 Comments 2
Just-Lisa-Now-
Level 15
03-22-2022
12:32 PM
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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
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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.
