It depends. You will have excess Social Security withholdings if the sum of multiple employer's withholding exceeds $8,853.60
If multiple employers in combination withhold excess Social Security, then you don't need to do anything since TurboTax will automatically add the excess to your refund amount which you will be able to see on Line 11 of your Form 1040, Schedule 3.
However, lets look at a different scenario. The amount liable to Social Security tax is capped at earnings of $142,800 in 2021. So while for example if you earn $100,000 from your first employer and $50,000 from your second employer, this is above the $142,800 and in that case TurboTax will add the excess to your refund which you can see on Line 11 of your Form 1040, Schedule 3.
However, if you for example earned $150,000 from your first employer and $50,000 from your second employer, this case is different. Even though you have multiple employers, since 1 of them individually exceeds the limit and did extra withholding, in this case TurboTax will not add the amount to the refund and you will have to contact your employer to provide you with a corrected W-2. Additionally, your employer will have to provide a refund for the excess amount.
Do not file with excess withholdings on your return, as you may be subjected to penalties and interest.
Please visit Can I get a refund for excess Social Security tax withheld? for more information.
Additionally, You can view your return or just your 1040 form before you e-file to make sure the numbers which are being used for calculation seem reasonable.
Please follow the steps below:
- Open or continue your return.
- Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
- With the Tax Tools menu open, you can then:
- Preview your entire return: Select Print Center and then Print, Save, or Preview This Year's Return (you may be asked to register or pay first).
- View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu. This option is free and you can Preview your return before you file.
Additionally, please visit Preview Tax Return before E-Filing , for more information
