topic Turbo Tax error? in Retirement tax questions

Turbo Tax error?

rbiello — Sat, 14 Mar 2020 14:24:45 GMT

I'm entering payroll info from an employer including salary,($4849) and social security ($300) and medicare ($70.32)deductions. Obviously a small, part time job. Turbo Tax is prompting me "it looks like you've had too much deducted for Soc SEc and Medicare from your pay. Contact your employer to get a refund and a revised W-2."

I contacted the employer and he says the deductions are correct. What do I do?

Re: Turbo Tax error?

DoninGA — Sat, 14 Mar 2020 14:31:06 GMT

On your W-2 reduce the amount of Medicate taxes withheld by $0.01 cent and that should correct the error. Medicare taxes are 1.45% of the amount in box 5.

For the Social Security taxes they cannot be more than 6.2% of the amount in box 3. So reduce the amount in box 4 by 1 or 2 cents as necessary.

Re: Turbo Tax error?

Critter — Sat, 14 Mar 2020 17:20:49 GMT

Did you enter the 4849 in boxes 1 AND 3 AND 5 ?