Adjusting 2020 W4 to compensate for expected excess Social Security tax withholding from multiple employers

[chefs14]

My current large corporate employer is changing my payroll EIN this month.  I believe this will result in two W2 for my 2020 tax year in addition to creating excess social security tax withholding (Max $8240 x 2).  Rather that waiting an expected refund after filing a year from now, seeking advice if it's appropriate to adjust my W2 to reduce my federal withholding tax to make up some of the difference.  Thanks for the help.

[RobertG · Accepted solution]

Yes, in this situation it would be appropriate to reduce your withholding to make up the difference.  The purpose of the W-4 is to withhold the correct amount.

The instructions to the W-4 say:

"Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay. If too little is withheld, you will generally owe tax when you file your tax return and may owe a penalty. If too much is withheld, you will generally be due a refund. Complete a new Form W-4 when changes to your personal or financial situation would change the entries on the form."