I know it sounds impossible but I believe I may have found an error in the TurboTax formula. When I entered my GROSS and my SOCIAL SECURITY WITHHELD from my employer's W-2, I got a TT message saying "It looks like you're due a refund from your employer. Your employer withheld too much Social Security tax from your wages in 2021." Here's what it says:
Social Security Tax Withheld: $4,180 (which is correct)
Amount we calculated: $459
Excess amount withheld by your employer: $3720
My GROSS for 2021 is $60157, so 6.2% of that should be $3730 (which means my employer did over-withhold by $449).
But here is where I believe the TurboTax formula is in error: I think it switched the two numbers.
Here is what the notice SHOULD say:
Social Security Tax Withheld: $4,180 (again, correct)
Amount we calculated: $3720 (which is 6.2%)
Excess amount withheld by your employer: $459
I have no idea who to report this to at TurboTax but if it is indeed an error in the formula, it needs to be corrected quickly.
Shilo
[email address removed]
