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URL:  https://boards.fool.com/w2-taxable-group-term-life-34735106.aspx

Subject:  W2 Taxable Group Term Life Date:  1/28/2021  10:34 AM
Author:  rnam Number:  131789 of 132496

For all of 2020, I was retired and had no salary/wages.
However I received a W-2 from my ex-employer for taxable cost of Group Term Life over $50,000 (Box 12 Code C).

The only entries on the W2 are in Box 1, 12 and 13.
Box 1 $200
Box 12 C-$200
Box 13 - Retirement Plan is checked.

No Federal, SS or Medicare Tax were withheld. Also SS and medicare wages are zero.

I have distributions from a traditional pension plan (1099-R) and also investment income (1099-Int, Div).
There is no withholding from any of these sources and I pay estimated income tax.

I will be using Turbo Tax and hopefully it will handle my situation.
But I still like to understand each form that I get and its implications.

My questions are:
1. Do I owe any SS or Medicare Tax on the $200 imputed GTL compensation and if so how do I pay it?
Also will there be penalties for late payment of SS tax?
2. Should my ex-employer have withheld SS or Medicare Tax?

Thanks for your expertise and assistance.
rnam
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