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wolfe5den-1
New Member

TurboTax is incorrectly calculating the amount of social security tax withheld telling me I overpaid and telling me to get a corrected W-2. what gives?

TurboTax SS Tax withholding calculation is off by a factor of ten.
2 Replies
AnnetteB6
Employee Tax Expert

TurboTax is incorrectly calculating the amount of social security tax withheld telling me I overpaid and telling me to get a corrected W-2. what gives?

You should double-check your W-2 entry.  It sounds like there may be a decimal in the wrong place or an extra zero added in box 3.

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VolvoGirl
Level 15

TurboTax is incorrectly calculating the amount of social security tax withheld telling me I overpaid and telling me to get a corrected W-2. what gives?

Check boxes 3 & 4 on your W2. Box 4 should be 6.2% of box 3 up to a max of $8,537.40. So take the amount in box 3 and multiply it by .062. If box 4 is more than that you need to get a corrected W2 from your employer. But also go back and double check your W2 entries, you may have entered box 3 & 4 wrong. A lot of people who have asked this found they did enter an amount wrong.

 

Or check W2 box 12. You may have entered Code A by mistake.

 

A sure way to fix this is to delete the W2 and re-enter it. That may clear something out.

 

Or post back with the amounts in boxes 3&4.

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