How does turbo tax calculate line 72?Schdule 5 (form 1040)

Forum|Forum|7 years ago
June 1, 2019
2 replies
34 views

I received a reject letter from IRS stating our claim on line 72 doesnt match what is being claimed. How is this number calculated and where or what question in the program is it comming from?

TurboTax Deluxe Online

AnnetteB6

Level 15

The excess Social Security tax reported on line 72 of Schedule 5 comes from the total of your Social Security tax withheld in box 4 of your W-2. If you have multiple employers and the total Social Security tax exceeds $7960.80, then the excess over $7960.80 is reported on line 72 and included as a tax payment, thus increasing your refund.

If you have a letter stating that the number does not match the IRS records, you should double-check your entries on your W-2s for box 4 to make sure the numbers are accurate.

See the information below for more details about the excess Social Security tax.

https://ttlc.intuit.com/replies/3300261

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dcm888

Level 2

When I opened up TurboTax Line 72 was filled in with $39000, where does it get this data?