Get your taxes done using TurboTax

"Does line 71 show more than $7886? " What xmasbaby0 meant to write was "line 71 shows the amount of Social Security withheld in excess of $7886" (for 2017). Thus, if you had $8,000 withheld for Social Security taxes, the amount on line 71 would be 8,000 - 7,886 or $114.

 

xmasbaby0 is right that this is a common situation (mis-entering the owner of the W-2). Remember that the IRS gets copies of all W-2s, so if you enter yours incorrectly, the IRS has the correct numbers and can see the problem.

 

In essence, the IRS counted on their fingers and toes and could not come up with more than $7,886 in Social Security tax withheld for any given taxpayer (I don't know if you are filing married joint or not). So go through the exercise of looking at all your (and spouse's if one) W-2s as well as Schedule SE(s) and see if it adds up to more than $7,886 for any single taxpayer. At the same time, make sure that if both taxpayers have a Schedule C, that the Schedule Cs are owned by the correct taxpayer (like the W-2s).

 

Note that Schedule SE reports "self-employment" taxes, which are are the sum of the Social Security and Medicare taxes together for a self-employed person. Schedule SE is filed in conjunction with Schedule C by TurboTax.