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wwc222222
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The Turbo Tax program shows a $251 excess of social security taxes withheld. It is on Form 5. How do I find out what makes up the calculation. The tax on w-2's is correct

There were 3 separate employer W-2's; the social security taxes in box 4 for each employer was correct - taking box 3 times 6.20%. Do not understand why there would be an excess of $251 reported in Form 5. Need to know how the $251 number was calculated.

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Anonymous
Not applicable

The Turbo Tax program shows a $251 excess of social security taxes withheld. It is on Form 5. How do I find out what makes up the calculation. The tax on w-2's is correct

another way to look at it is were your total social security wages on all 3 W-2's over $128,700

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4 Replies

The Turbo Tax program shows a $251 excess of social security taxes withheld. It is on Form 5. How do I find out what makes up the calculation. The tax on w-2's is correct

Is the total amount from all three W-2's over $7960.80?
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

The Turbo Tax program shows a $251 excess of social security taxes withheld. It is on Form 5. How do I find out what makes up the calculation. The tax on w-2's is correct

If a joint return and both spouses have W-2's be sure that the W-2 was assigned to the correct spouse - there is a check box to choose the spouse.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
Anonymous
Not applicable

The Turbo Tax program shows a $251 excess of social security taxes withheld. It is on Form 5. How do I find out what makes up the calculation. The tax on w-2's is correct

another way to look at it is were your total social security wages on all 3 W-2's over $128,700

The Turbo Tax program shows a $251 excess of social security taxes withheld. It is on Form 5. How do I find out what makes up the calculation. The tax on w-2's is correct

If you had more than one employer and  the total of box 4 (only box 4 not box 6) on all your 2018 W2s  for Social Security is more than $7,960.80 you get the excess back on your tax return.  And it is for each spouse separately, not combined.  Check 1040 Schedule 5 line 72 for it.  Then Schedule 5 goes to 1040 line 17.

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