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You can check whether this credit is on your form 1040 by previewing form 1040. Please follow these steps:
You can check whether this credit is on your form 1040 by previewing form 1040. Please follow these steps:
I no longer see Line 72 on the preview. Do you have an updated instruction?
Those instructions were for tax year 2018. The IRS subsequently changed those forms.
Line 72 on Schedule 5 in tax year 2018 is now line 11 on Schedule 3 (1040) in tax year 2019.
This is my exact situation and after reading thru the response it is still not clear. I see for this tax year Line 10 on my 1040 a value of overpaying due to more than 1 employer. However, the total refund at the top of TT does not reflect this number, significantly lower. I am unsure if this is telling me I owed tax and it took from the refund amount or it simply isn't including the SSN overpayment refund due.
Any help in clarifying this is much appreciated as I have not submitted my refund because of this.
Thank you!
For 2020. Check 1040 Schedule 3 line 10 for it. Then Schedule 3 goes to 1040 line 31.
If you had more than 1 employer and paid more than $8,537.40 in social security tax (box 4) combined you get the excess back on your tax return.
Social Security is 6.2% of wages (W2 box 3) up to a max of $8,537.40 on $137,700 of wages. Medicare is 1.45% on W2 box 5 no max.
Get a calculator and check each W2 box 3&4. Multiply box 3 x .062 and it should be box 4. The max for all box 4 combined (but only for each person) is $8,537.40. Even one penny over from rounding will be excess. So leave off the cents! Or post back with the amounts in boxes 3&4.
A sure way to fix this is to delete the W2 and re-enter it. That may clear something out. Or report back with the amounts in each box 3 and 4.
Thank you Volvo Girl for the additional details. Yes, I reach the max with my 2nd employer (changed employers early 2020). So that amount is $8537.40 alone. The 1st employer, (early 2020) is all excess, having paid over $1000 in addition to the $8537.40.
So, assuming I do not owe federal tax, all of the excess should be reflected in the Refund amount in TT, correct? Feel like I am still missing something on this.
As you recommended, I will go back and reenter my W2s if you think it will help.
Thank you again!
Thank you again! I forgot about additional tax I needed to pay. Once I went thru my 1040 and traced, everything worked out.
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