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About Form 4137, Social Security and Medicare Tax On ... - IRS
IRS is the tax document used to calculate and report the Social Security and Medicare taxes owed on unreported tip income . This includes cash tips, noncash tips, and "allocated tips" shown in Box 8 of your Form W-2 that were not previously reported to your employer . Core Purpose of Form 4137
: You must maintain a daily tip log or other adequate records to support the figures reported on the form . About Form 4137, Social Security and Medicare Tax On
: Filing ensures this income is credited to your Social Security record, which directly affects the calculation of your future retirement and disability benefits .
: Unreported income is not credited to your Social Security history, potentially lowering your future monthly benefit payments . Core Purpose of Form 4137 : You must
: If your W-2 Wage and Tax Statement shows an amount in Box 8 (allocated tips), you must report this as income on your 1040 and use Form 4137 unless you have adequate records proving you received less .
: If you received $20 or more in cash and charge tips in any calendar month and did not report the full amount to your employer . : If your W-2 Wage and Tax Statement
For more specific guidance, you can review IRS Publication 531 on reporting tip income .
