FICA overpayments from my S-corp

[ESL Teacher]

I am the owner of a one-person S-corp (it's just me). I accidentally overpaid my FICA and I'm not sure what to do. Does my S-corp or me as an individual file for the credit?

[DaveF1006]

If you paid yourself as a W2 employee, you can get a credit for the excess social social security payment in your return. otherwise you may need to contact Social Security Administration for further action. Please look at this IRS link as it addresses excess social security payment as an employee.

[ESL Teacher]

It sounds like I can't use form 843, on the form it states...

Do not use Form 843 if your claim or request involves:
(a) an overpayment of income taxes or an employer’s claim for FICA tax, RRTA tax, or income tax withholding (use the appropriate amended tax return)

I'm using the Turbotax business software to file my S-corp taxes. Where do I enter this overpayment in the software? Or should this be done on my 1040?

Thank you

[gloriah5200]

If you are an s corporation shareholder and you have withheld excess fica from your wages, then you would need to file a corrected payroll report (Form) 941 to get the excess fica returned to your s corporation so you can return it to you as an employee. 

Getting excess fica taxes withheld refunded on a tax return is only used when there is more than one employer, who, together withheld excess fica from one taxpayer

[Opus 17]

I don't think @DaveF1006 is correct here.

For any employee of any company, if the company withholds too much FICA, the company has to file amended form 941 for each quarter that needs to be corrected.  Did you use a payroll company or do it yourself?  The SSA will send back the excess to the company when the company files the amended 941.  The company should issue a corrected W-2 (W-2C) to the employee reflecting the correct amount.  The employee gets the excess back from the company.

It's no different if a one-person S corp, the company amends the 941 and the company pays the employee.

Now, be aware, that turbotax is very sensitive and calculates social security to the penny, and will warn you if your box 4 amount is even 1 cent more than it should be, which is 6.2% of box 3.  This is not a situation that needs to be amended or corrected, just drop the cents off the box 4 amount to stop Turbotax from complaining.  This won't affect your tax return or social security at all. 

[ESL Teacher]

Thank you, Opus!🤗