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mmedici1
Returning Member

After entering my W-2's the program says that i paid to much for social security tax. but when i multiply social wages by .062 the numbers are correct. What do i do?

 
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2 Replies
JohnB5677
Expert Alumni

After entering my W-2's the program says that i paid to much for social security tax. but when i multiply social wages by .062 the numbers are correct. What do i do?

You said you entered your W-2's.  This indicates that you have multiple incomes.  Each company calculates the Social Security independently. There is a cap on the maximum you can contribute.

 

If your combined Social Security Wages (BOX 3 of your W-2's) exceeds $132,900.  Then you did overpay.

 

Edited 01/29/2020

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After entering my W-2's the program says that i paid to much for social security tax. but when i multiply social wages by .062 the numbers are correct. What do i do?

Or are you married?  You have to enter each W2 under the right name or it will look like one person went over the max.

 

There are 2 different situations when it will say Employer may have paid too much Social Security.  It's saying either 1 employer took out too much SS -OR- that you paid too much SS because you had more than 1 employer.  This should cover both.

 

More than 1 Employer:

For 2019,  If you had more than one employer and  the total of box 4 (only box 4 not box 6) on all your 2019 W2s  for Social Security is more than $8,239.80 you get the excess back on your tax return.  And it is for each spouse separately, not combined.  Check 1040 schedule 3 line 11 for it.  Then schedule 3 goes to 1040 Line 18d.  If only one employer took out more than $8,239.80 you have to get the difference back from that employer and get a corrected W2 form.

 

One Employer:

Check boxes 3 & 4 on your W2. Box 4 should be 6.2% of box 3 up to a max of $8,239.80.   So take the amount in box 3 and multiply it by .062. If box 4 is more than that you need to get a corrected W2 from your employer.  But also go back and double check your W2 entries, you may have entered box 3 & 4 wrong.  A lot of people who have asked this found they did enter an amount wrong.

 

Or check W2 box 12.  You may have entered Code A by mistake.

 

A sure way to fix this is to delete the W2 and re-enter it.  That may clear something out.

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