You'll need to sign in or create an account to connect with an expert.
Please compare the amounts reported on the W2 to the following;
Railroad Tier 1 maximum withholding is as follows:
Maximum taxable compensation for social security during 2020 is $137,700.
Please be aware that the Railroad W-2 is designed differently and you may have to look in boxes to see the actual amounts withheld for Tier 1 (social security equivalent portion) and Tier 2 (retirement portion)
Max Tier 1 SS "withholding" is $ 8537.40
_____________
But unless you hit this level it's not likely the problem. Could be a simple rounding inconsistency. Try rounding the "withholding" down to an even $ amount even if cents are shown in the withholding amount.
Looks like an error in the TurboTax Deluxe 2020 product. Software says my calculated Tier 1 amount is $8,190.89, but by law it is $8537.40. Should be 6.2% of wages. Product says that I cannot file my taxes until I get a new W-2 with lower Tier 1 contribution.
IF you are using the desktop software...you may need to update your software.
IF the problem still occurs, look at your RR Retirement Compensation amount, also in box 14, in case that is wrong. RR compensation would have to be 137,700 to get the full 8537.40 indicated.
or....call Customer Support...they can get a Diagnostic file from you, and investigate to write up a software correction ticket...if needed, or let you know of some entry error you "might' have made.
https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ED001
Level 1
helloTT102
New Member
bjcksn04
New Member
thankfulsmith
New Member
LyndaDrake
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.