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Retirement tax questions
It depends. The 147,000 social security wage limit is automatically applied, but I am not sure which Form 1040, other forms, or worksheet you are referring to when you referenced line 7, which is:
- Capital gains on the federal 1040
- Age exemption, max $2000 on the NJ 1040
Your employer is supposed to withhold 6.2% of your Social Security Wages (the Box 3 amount on your W-2), up to a maximum of $9,114.00 per taxpayer for the tax year 2022. Did you enter your w-2s / 1099-r forms as they appear or did you make adjustments? View a copy of your tax return to double-check.
You may need to amend if there really is a mistake. But once accepted, your return will be processed. They may adjust your refund amount if you entered something different than what was on your tax forms. But if you entered the same amounts from your forms in TurboTax, it is unlikely there is a mistake or problem to correct.
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