Social Security Tax Withheld

[techie353]

TurboTax indicated too much SS tax was paid and that I will get a credit on my tax return. The actual wording states: 

When you file your tax return the following year, you can claim a refund from the IRS for Social Security taxes withheld that exceed the maximum amount.

Do I receive a credit automatically for this year's tax 2023 or next year 2024?

[BillM223 · Accepted solution]

Did you have more than one W-2 and from different companies? I just want to make sure which condition triggered this message.

If it is the "common" case of two high dollar W-2s withholding in the aggregate more than $9,932.40 for Social Security tax on a maximum SS Wage base of $160,000, then TurboTax will calculate the excess (over $9,932.40) and put it on line 11, Schedule 3 (1040) on your 2023 return.

If this was triggered by a different condition, then the return of the excess may happen differently.

[Mike9241]

if you have a spouse that got a w-2 make sure it's checked as your spouse's. there have been some threads  about taxpayers claiming excess social security withheld because they miscoded their spouses W-2. if they are all you w-2's you'll get a tax credit on your return. if it's one employer over withholding, you go back to them for a refund.

if they refuse you would ned to file form 843 and attach a copy of tour w-2 that has the overwithholding. 

[VolvoGirl]

Are you married?  Did one spouse have more than 1 W2?  

You get excess SS back if one person had more than 1 employer and those employers took out more than the max for Social Security tax in W2 box 4.  And it is for each spouse separately if married.  Check 1040 Schedule 3 line 11 which goes to 1040 line 31.

For 2024 the max for Social Security is $10,453.20 on $168,600 of wages (168,600 x 6.2%).

[DoninGA]

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@mosheneiman wrote:

What if it seems to me that I have overpaid on the social security tax? How can I check that, and how do I enter it using TurboTax?

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Social Security taxes are 6.2% of your Social security wages on a W-2.