topic Why am I being told I have paid excess Social Security Tax, none of my employers have taken more than 6.2%? in Retirement tax questions

Why am I being told I have paid excess Social Security Tax, none of my employers have taken more than 6.2%?

dennyzak — Wed, 31 Mar 2021 14:52:33 GMT

Re: Why am I being told I have paid excess Social Security Tax, none of my employers have taken more than 6.2%?

Opus 17 — Wed, 31 Mar 2021 14:57:12 GMT

Two possibilities.

1. If you earned more than $137,700 combined, then you paid more total social security tax than allowed, even though each employer withheld less. You will get a refund on your tax return.

2. Turbotax is very sensitive to rounding of numbers and exact percentages. If one of your W-2s is even 1 penny over exactly 6.2%, it will throw a red flag. You can get rid of this problem by changing the box 4 social security tax on the offending W-2, lower it by a few cents or take the cents off. This will not cause a problem with your tax return or with the IRS.

Re: Why am I being told I have paid excess Social Security Tax, none of my employers have taken more than 6.2%?

Hal_Al — Wed, 31 Mar 2021 15:10:52 GMT

You may have misidentified your spouse's W-2 as being yours.