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Why is Turbo Tax calculating social security at 0.62% instead of 6.2%?
I was entering a tax return with a gross of 48,660.52. The amount deducted for social security was 3016.95, which is 6.2%. Turbo Tax is saying that it should have only been 301.72. Am I missing something?
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February 16, 2021
7:54 AM
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Retirement tax questions
Possibly. You are correct. The employee portion of social security tax is 6.2%. Try deleting the W-2 and re-adding it to correct this entry.
To do this in TurboTax, return to the input screen and follow these steps:
- By the W-2 in question, select the trash can icon to Delete the Form.
- To add a W-2, select Add W-2 in the lower left area of the input screen.
For more information, see: How do I import or enter my W-2?
February 16, 2021
8:12 AM
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Retirement tax questions
You entered $4,866.52 in box 3 of TurboTax's W-2 form instead of $48,660.52. Go back and correct that entry.
February 16, 2021
8:19 AM