Hi,
I had 2 employers in 2022 and each withheld maximum of $9114 for social security taxes (Assessed each for $147K of social security income).
I get this confusing message from Turbotax on my second W-2 saying the following. Isn't this wrong? Shouldn't it be excess of $9114 and wouldn't IRS give me refund of the excess? Why does Turbotax calculate it differently and why is it asking me to get an amended W2 from my second employer?
thanks
-hari
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| Social Security tax withheld | $9,114.00 |
| Amount we calculated | $911.40 |
| Excess amount withheld by your employer | $8,202.60 |
You can still keep working on your return while you're waiting for your updated W-2. Just be sure to update this W-2 before you file. Learn more
Look at the W-2 you entered in TurboTax. Make sure the amount entered in box 3 is correct for the W-2 you received. It may have a misplaced decimal point or a comma entered instead of a decimal point.
The amount in box 4 of the W-2 should not be more than 6.2% of the amount in box 3.
Look at the W-2 you entered in TurboTax. Make sure the amount entered in box 3 is correct for the W-2 you received. It may have a misplaced decimal point or a comma entered instead of a decimal point.
The amount in box 4 of the W-2 should not be more than 6.2% of the amount in box 3.