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montygranito
Level 1

Overpaid soc security How and when can i use that credit

Im filing my 2020 now with turbo tax. My soc security overpayment credit is MORE than the tax I owe. How can i apply that credit.there is no where to put it on the software. Or do I have to wait until next year to use it 

 

Thank you Ive used turbo tax for the last 13 years..:) 

1 Best answer

Accepted Solutions
VolvoGirl
Level 15

Overpaid soc security How and when can i use that credit

So you have more than 1 W2?  Turbo Tax automatically gives it to you.  See my first post where it shows up.   Switch to Forms mode and open the 1040 and schedule 3.   Is the overpayment there?

 

 

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5 Replies
VolvoGirl
Level 15

Overpaid soc security How and when can i use that credit

How do you have a Social Security overpayment?   You mean your employer took out too much ss tax?   How much is on your W2 box 3 & 4?

You only get excess SS back if one person had more than 1 employer and those employers took out more than the max of  $8,537.40 (for 2020).  Check 1040 Schedule 3 line 10 for it.  Then Schedule 3 goes to 1040 line 31.

 

montygranito
Level 1

Overpaid soc security How and when can i use that credit

Thank you for your quick response! I worked multiple jobs from home during covid. I busted butt at night and on the weekends so with multiple jobs a LOT of soc security was taken out. The turbo Tax software correctly notified me of the soc security repayment and subsequent credit. I just don't know if I can apply it and how can I apply it. Or do I have to send all of the info in and wait for the government to apply it. I overpaid soc security by a few thousand dollars. 

VolvoGirl
Level 15

Overpaid soc security How and when can i use that credit

So you have more than 1 W2?  Turbo Tax automatically gives it to you.  See my first post where it shows up.   Switch to Forms mode and open the 1040 and schedule 3.   Is the overpayment there?

 

 

View solution in original post

montygranito
Level 1

Overpaid soc security How and when can i use that credit

Screenshot 2021-12-07 171319.png

 

Oh I think it already might have used the credit.. thanks for telling me where to look

montygranito
Level 1

Overpaid soc security How and when can i use that credit

Yes it is.. Thanks a lot

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