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Overpaid soc security How and when can i use that credit
Im filing my 2020 now with turbo tax. My soc security overpayment credit is MORE than the tax I owe. How can i apply that credit.there is no where to put it on the software. Or do I have to wait until next year to use it
Thank you Ive used turbo tax for the last 13 years..:)
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How do you have a Social Security overpayment? You mean your employer took out too much ss tax? How much is on your W2 box 3 & 4?
You only get excess SS back if one person had more than 1 employer and those employers took out more than the max of $8,537.40 (for 2020). Check 1040 Schedule 3 line 10 for it. Then Schedule 3 goes to 1040 line 31.
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Thank you for your quick response! I worked multiple jobs from home during covid. I busted butt at night and on the weekends so with multiple jobs a LOT of soc security was taken out. The turbo Tax software correctly notified me of the soc security repayment and subsequent credit. I just don't know if I can apply it and how can I apply it. Or do I have to send all of the info in and wait for the government to apply it. I overpaid soc security by a few thousand dollars.
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So you have more than 1 W2? Turbo Tax automatically gives it to you. See my first post where it shows up. Switch to Forms mode and open the 1040 and schedule 3. Is the overpayment there?
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Oh I think it already might have used the credit.. thanks for telling me where to look