SharonD007
Expert Alumni

Retirement tax questions

No, there is not a bug. The amount that is deducted from your paycheck for Social Security tax in Box 4 and Medicare tax in Box 5 does not go towards your tax liability. The only time it would affect your taxes is If either you or your spouse had more than one employer and excess Social Security or Medicare was withheld, or your employer withheld too much. If this is the case, TurboTax automatically adds the excess that was withheld to your federal tax refund or will subtract if from your balance due. 

 

For more information, please review the TurboTax article Video: What Is Social Security Tax?

 

[Edited 02/26/23|10:34 am PST]

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