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dosoguy
New Member

It said I overpaid social security tax, and to ask for a refund and corrected W2, but your forum said to be careful of this. How do I know?

 
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It said I overpaid social security tax, and to ask for a refund and corrected W2, but your forum said to be careful of this. How do I know?

Do you have only one W-2? Then read this section.

On your W-2, is the amount in box 4 (SS tax) more than 6.2% of box 3 (SS wages)?

If yes, then your employer withheld too much and needs to file a corrected W-2 and return the excess to you.

However, is the amount in box 4 just one penny (or one dollar, if you have a dollar return) more than 6.2%?

In that case, your employer might have made a rounding error - rounding up instead of down.

$0.00 to $0.49 rounds down to $0; $0.50 to $0.99 rounds up to $1.

If none of this turns out to be the case, then delete all W-2s and start over in case there is some unwanted data hanging around in your TurboTax return.

Do you have more than one W-2?

Sometimes, between your two employers, if your income is more than $118,500 added together, you exceed the maximum SS wage limit (which is $118,500).

If so, since the two employers don't know what the other is doing, they may combine to over-withhold your SS tax.

But this is not a problem; if this is the case, then TurboTax will compute the amount over-withheld and return it to you on your return as a tax payment reducing your tax or increasing your refund.

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