Group Term Life over 50,000

[vernonalbright]

When an employer has group term life over 50k and we need to do the w2, do I increase boxes 1,3, & 5 by the same amount. I think I may have goofed something up in my Quickbooks because 3, 5, & my state wage base went up but not my federal box 1.
The tax book page 13-30 says include in taxable wages so to me that means we impute income for all boxes 1,3,5, & State on the w2.

Am I reading this correctly?

Mahalo
Vernon

[Nashville]

Correct

Vernon - your thinking is correct. This must be included in wages.

I don't know how to fix QuickBooks, but it must be included in Box 1

[taxdude71]

Your correct, but you are not required to withold federal income tax for it. Kinda screwey, but it does show up in boxes 1,3, and 5 on the w-2.