As of 2/8/2024, it looks like TurboTax 2023 Deluxe is incorrectly generating the "Amount we calculated" amount (for the Social Security tax withheld), as seen in the screenshot below:
For 2023, the maximum Social Security tax from a single employer is supposed to be 6.2% of $160,200.00, which is $9,932.40. However, it looks like TurboTax is using the incorrect value of "$106,200.00" as the amount to calculate 6.2% from (which is $6584.40, as seen in the screenshot above). Looks like it was probably just a "fat-fingering" of "160" vs. "106" in the formula they're using.
More likely a fat-fingering of the amount entered into box 3 of TurboTax's W-2 form.
Experiencing the same problem. Turbotax has failed to update the thresshold for 2024 into the app.
@Wuggabugga wrote:
Experiencing the same problem. Turbotax has failed to update the thresshold for 2024 into the app.
Have you updated your software to the latest release? Using the desktop editions, click on Online at the top of the desktop program screen. Click on Check for Updates.
The maximum SS wages for tax year 2024 is $168,600 with the SS taxes withheld on this amount $10,453.20.
The TurboTax software for the W-2 uses the these amounts for boxes 3 and 4. An amount of taxes withheld over the $10,453.20 will show as an excess amount withheld by your employer.
Yes, but Turbotax is showing that amount as being excess--because it is still programmed with the 2023 threshold number This need to be updated in the ap.
@Wuggabugga I am using the TurboTax 2024 Premier desktop edition with the latest release. It shows the correct amount of SS taxes that should be withheld and the excess withheld.
This is based on $170,000 SS wages and taxes withheld at 6.2%