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How to Use Tax Form 4137 for Unreported Tip Income

When you work in a profession where it’s normal to earn a large portion of your income from tips and gratuities, you need to pay Social Security and Medicare taxes on them just like you do on the wages your employer pays you. The only way to get these taxes paid during the same year you receive the tips is to report the income to your employer. Failing to report tip income to your employer doesn’t make you exempt. Instead, you’ll need to use tax Form 4137 to calculate and pay the tax on your unreported tip income. If you don’t, you may need to use form 4137 to calculate the additional tax you owe on the unreported tip income.

Tax on Tip Income

Many taxpayers, such as waiters and waitresses, who regularly earn tips, will also receive an hourly wage from their employers. Although the wages you earn may be minimal relative to the amount of tips you collect during the year, your employer usually must withhold federal and state income taxes, Social Security tax and Medicare tax (FICA) from your paychecks, but calculates the withholding based on your total earnings, which always includes your tip income. When your tip income is significant, the wages paid by your employer may not be enough to cover your taxes, and you may need to give them some ofyour tips to make up the difference.

Reporting Your Tips on 4137

In any month that you earn at least $20 of tips, the IRS requires that you report the tip income to your employer so that the correct amount of tax withholding can be calculated. If you don’t, the IRS can impose a tax penalty. Your failure to report all tip income to your employer won’t excuse you from reporting it on your tax returns. But in addition to reporting your tips on a 1040 to calculate your federal income tax bill, you’ll need to prepare Form 4137 to calculate the Social Security and Medicare tax payment you failed to make on your unreported tip income.
Employer-Allocated Tips

If the amount of tip income that you fail to report during the year is at least 8 percent of your food and beverage sales or you choose not to participate in the Attributed Tip Income Program at work, your employer can allocate or estimate the tip income you should pay tax on and will report the allocation on your W-2 in box 8. Unless you have good evidence that the allocation was inaccurate, you’ll have no choice but to use the allocation as the unreported tip income that needs to be reported on Form 4137.

Filling Out Form 4137

Form 4137 has only one page and requires two calculations. For the first, you report all unreported tip income (regardless of whether it’s under or over $20) that is subject to Medicare taxes before multiplying it by the appropriate tax rate. The second calculation is for Social Security taxes. Note, however, that unlike your Medicare tax bill, there is a maximum amount of income that will be subject to Social Security tax. Therefore, if your unreported tips plus the wages reported on your W-2 form exceeds this maximum amount, you don’t pay Social Security tax on the excess. To complete Form 4137, you must transfer the additional tax liability you calculate to your return and attach a copy of the form.

IRS Form 4137