topic social security in Deductions & credits

social security

SGrove1550 — Fri, 31 Jul 2020 18:03:42 GMT

Tubo Tax said my part time job took out too much social security. I am 70 get social security and take 10% out automatically. They took out 2000 too much according to turbotax is that possible?

Re: social security

DoninGA — Fri, 31 Jul 2020 18:08:15 GMT

Look at the W-2 that you entered. If the amount in box 4 of the W-2 is greater than 6.2% of the amount in box 3, even if by $0.01, the program will give you that message. If that is the case, then edit your W-2 and remove the cents from the Social Security taxes withheld.

Re: social security

Opus 17 — Fri, 31 Jul 2020 18:13:08 GMT

This is not related to withholding from your benefit payments, this is about new SS tax withholding from your part-time job paycheck.

There are two issues that can cause "too much social security." One is if your total social security withholding from your job (W-2 box 4) is more than $8230. The other issue is if box 4 is more than 6.2% of box 3. Turbotax seems very sensitive to rounding this year. For example, if your wages are $9232, your SS tax should be $578.58. Turbotax will round that up to $579 and then report that as "too much SS tax withheld".

Double-check your W-2 that all the numbers are correct. If you still get the error message, try reducing the box 4 amount by $1. It should clear the error and won't create a problem with the IRS.

Re: social security

Opus 17 — Fri, 31 Jul 2020 18:47:50 GMT

If the supposed error is $2000, that sounds like some of the numbers from your W-2 boxes 1-6 are incorrect, not a rounding issue.

Re: social security

Anonymous — Fri, 31 Jul 2020 18:49:02 GMT

$2,000 is almost impossible. that would imply that they took out Social Security for about $32,000 more in social security wages. i would check your w-2 entries.