nejidoreb123
Returning Member

Code 806 w2 or 1099 withholding

I already filed my taxes and received $1109 direct deposit.

Today I received IRS check for $2719. Checked my account online and it shows this.

I think it is for the $3079 excess social security tax that I paid through my second employer (I switched jobs mid year).

Didn't they already gave me a credit for that on my initial tax return?

Also what is the additional tax assessed $371, do I need to wait for a notice?

 

Record of Account.png

After you file


@nejidoreb123 wrote:

.....what is the additional tax assessed $371, do I need to wait for a notice?


You can wait for a notice or call customer service.

 

https://www.irs.gov/faqs/irs-procedures/refund-inquiries/refund-inquiries-20

After you file

Definitely, you'd have to wait or call in for an explanation. 

BUT

If you overpaid SS from two jobs, that indicates a fairly high income....perhaps your income was high enough that you were also subject to the additional 0.9% Medicare tax assessed on high wage earners.  (i.e. the extra $371)

 

Read:

 

Topic No. 560 Additional Medicare Tax | Internal Revenue Service (irs.gov)

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
nejidoreb123
Returning Member

After you file

How did you calculate the extra $371? My social security wages between the two jobs is ~192k, SS withheld is ~12k total, so I overpaid by $3079.

 

It seems like they already gave a credit of $3079 in the first return for the excess social security withholding. Then they refunded another $3079 minus 11 (which I paid for changes in amended return) minus 371 (for new tax due).

 

Here is the CP21B notice. I'm not really sure why $3079 is processed twice? Am I eligible to cash the refund?

 

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After you file

Don't know if this means anything or goes together but did anyone notice that 371 is 360+11?  

nejidoreb123
Returning Member

After you file

Yes that is weird. The $360 is penalty for my excess Roth contribution. The $11 is when I amended my return I added 1099-INT and had to pay extra.

After you file


@VolvoGirl wrote:

Don't know if this means anything or goes together but did anyone notice that 371 is 360+11?  


Yes, and 371 + 2719 = 3090. Then if you subtract the $11 (-11) that equals $3079.