Jul 12, 2023 · When box 1 and box 3/5 are different, it is usually because some kinds of employer pre-tax benefits are subtracted from box 1, 3 and 5 but other pre-tax benefits are only subtracted from box 1. There are also a few special classes of employees who can be exempt from social security or medicare tax and so their box 3 and box 5 might be zero or ...

Jun 4, 2019 · The upshot is that Box 5 shows things other than the amount of basis subtracted from the gross distribution (Box 2) to produce the taxable amount in Box 2a. "Employee contributions" in Box 5 are voluntary contributions made …

Jun 3, 2019 · REIT dividends that are reported in Box 5 of the 1099-DIV do qualify for the Section 199-A deduction. You don't need to fill out a 1099-MISC in the system, but rather a 1099-DIV (which will show the REITs in Box 5). If the system is asking for the EIN, look on page 1 of your consolidated form, likely at the very top (and quite likely in small ...

Jun 6, 2019 · Box 5 reports the amount of wages subject to the Medicare Tax. There is no maximum wage base for Medicare, so the amount showing in Box 5 may be larger than the amount showing in Box 1. It is quite common for Boxes 3 and 5 to be higher than Box 1. Here's an example: Your wages for the year were $30,000.

Jun 6, 2019 · The amount in box 5 is the net amount that Social Security paid out, after accounting for any repayment. It's not supposed to be the amount you actually received. The fact that some of what they paid went towards your Medicare …

Jun 1, 2019 · My K-1 Has a number in box 5. Turbotax Premier 2018 has two inputs for box 5. "Interest income" and "Interest from U.S. Obligations in Box 5" . My instructions for my K-1 state "Line 5 Interest Income - Reported on Form 1040, Line 2b. In 2018, Interest Income reported on your Federal K-1 includes 100% from US Government Sources."

Jan 29, 2024 · I am having the same issue and the difference between "Box 5 Medicare wages and tips" and "Box 16 State wages, tips" is 486 dollars. This is the exact amount of "Box 12b - Code C", which is group life insurance.

Jun 5, 2019 · CSA-1099-R Box 5 Again: My CSA 1099R Box 5 shows $6992 for ins premiums which consists of Medicare ins (primary) and BCBS Federal ins (secondary). Yet the Turbotax calculations for my Missouri Health Ins Worksheet, Line 6y shows only $3992 as a deduction.

Mar 1, 2020 · According to the IRS, income on Form 1099-PATR Box 5 should be reported as ordinary income (see screenshot below - click to enlarge). Since TurboTax does not have an interview set up for this particular form/income combination, you will need to enter this under Wages & Income >> Less Common Income >> Miscellaneous Income >> Other Reportable ...

Jun 6, 2019 · I have a 5498 form from an IRA in box 5 giving a fair market value. No withdrawel Do I need to put this anywhere on my taxes No you do not need to enter the Form 5498 in your tax return.