Hello,
From Jan-June of this year I worked at Job #1. In mid-May, my gross YTD exceeded $135,000 and from that point until now, Job #1 stop deducting social security tax from my paycheck (as has been the case for the past few years). I'm schedule to start a new job on 08/05 at Job #2. I forwarded them my most recent paystub, however they said that IRS rules state that they need to start withholding all over again and that I can reclaim the overpayment when I file in 2020. I'm sure they know what they are talking about and I did a little bit of reading (one person stated it is a obviously a nice interest free loan I'm giving to the IRS).
Obviously I am not happy about that. It will be nice to get a refund that is over $8000 at least, however I could really use that money now. My question is to the community, do I have any options here? Is it possible to file some sort of form with the IRS in 2019 for a repayment (say a quarterly basis?). I'm 99% sure I have no options, but figured it couldn't hurt to ask. Thanks.
