You'll need to sign in or create an account to connect with an expert.
For tax year 2021, you'll have excess Social Security withholdings if the sum of multiple employers' withholdings exceeds $8,853.60 per taxpayer.
You don't need to take any action. We'll automatically add the excess to your federal refund or subtract it from federal taxes you owe, whichever applies.
The excess will appear as a tax credit on Line 11 of your Form 1040, Schedule 3. To verify, go to tax tools>tools>view tax return>preview my 1040. Scroll down in the 1040 until you get to schedule 3. Look to see if there is an amount listed in line 11.
Are the W2s all for you? If you are married the excess is only for each person. So if one person had more than 1 W2 and paid more than the max.
Yes, I got it. Thank you!
I have the same situation (multiple employers) and both W2s are showing the 8853.60 withheld. However, while TurboTax highlights this as an overpayment initially, it is not generating a Schedule 3 so I'm not getting credit for the excess tax withheld. Any thoughts on how to get the schedule3 generated properly to reflect the credit?
Try leaving off the cents in box 4. Try deleting the W2s and enter them again. That may clear something out. Are you married? Are both W2 for the same person?
You had 2 jobs and made more than the max $142,800 income on each job?
Thank you. I deleted the W2s and re-imported them and that seemed to get things correct. I appreciate the suggestion. I now show the Schedule3 with the correct information. Thank you for the help!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17706704064
Level 1
LostInIRSLand
Returning Member
destiny-bradley94
New Member
user17690136374
Returning Member
cathydennis1228
New Member