You'll need to sign in or create an account to connect with an expert.
For most people, for that particular change, there is nothing you need to do, since it usually doesn't affect your income taxes at all.
_____________________________________
The BUT is this. IF you worked for more than one employer in 2020, and IF the total $$ withheld for SS in box 4 of the different employer W-2 forms adds up to more than 8537.40, then you could file an amended tax return for 2020, and get a refund of the excess SS withheld that was over 8537.40. (if married, this only applies to your own W-2 forms. Each spouse's W-2 forms are considered separately)
If box 1, box 2, box 16 or box 17 didn't change, then you generally don't need to do anything. This is a result of the temporary suspension of social security taxes during the pandemic. Your employer caught up on those suspended taxes, and has to issue a corrected W-2 to show the final amount collected. It doesn't change your income tax return and you don't need to file an amended return.
The only time you might need to file a return is if you worked for more than one employer and your total wages were more than $132,900. In that case, the catch-up withholding and adjustments might have resulted in you paying too much social security (FICA) tax, as described above.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
taxesrita
New Member
KayGee4444
New Member
Digger109
Level 2
Digger109
Level 2
blankenbecklerbl
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.