W2 shows employer withheld too much social security

[vze56v6x]

My husbands job indicated that the original W2s they handed out were wrong as they determined they had withheld too much for social security.

They issued a new W2 but on the new one the Social Security $$ is the same amount as original. The only change is on the Medicare line where the amount amount went from $830 to $763

When I input the revised W2 turbo tax now say the employer owes me $296 as they over held social security and I should ask for an updated W2.

I will likely not receive an updated W2 by 4/18. Can i still file? This doesnt seem to impact the amount I owe to IRS in the end.

How is this handled?

[DavidD66]

Because it was a single employer that withheld too much social security you will have to resolve the situation with them.  The IRS will not issue a refund for over withholding of Social Security unless it occurs as a result of multiple jobs.   It won't cause a problem with IRS and it shouldn't prevent you from filing your return.  If you want to wait until it is resolved to file, you can file an extension.  If you file an extension be sure to pay any federal and/or state tax you owe.  The extension is only for the return, not the tax you might owe.

For information on filing an extension go to How do I file an IRS extension (Form 4868) in TurboTax Online?  

[vze56v6x]

ok yes for the excess withholding I agree I can file with the current W2.

But  what about if the W2 is wrong? I noticed a line item for 401k withholding that seems wrong since I don’t have a 401k🤣. I’m questioning this now but if they agree it’s wrong should I wait for a corrected W2 or just file everything as is and then file an amendment later. 

either way I owe money to IRS and I know I have to pay it even if i file an extension but trying to avoid having to refill over and over. Would an amended return bet

better to do in case I’m owed anything more . Back from what I pay now ?

[DianeW777]

No.  Even If you are not getting a refund, you should file an extension and wait for a corrected W-2.  If you owe money you can still file an extension, however the IRS system is pay as you go.  This means underpayment of tax will continue to accrue interest for late payment until it is paid in full.

If you owe money: 

1. Be aware that an extension of time to file is not an extension of time to pay (you seem to understand). 
   1. Options:
      1. Pay all or part of your tax balance due at the same time you file the extension, or
      2. File the extension and send no money now, knowing interest and penalty will continue for late payment, or
      3. File the extension and pay some of the money now, knowing interest and penalty will continue for late payment until final payment of tax.

Either way, I would suggest you file the extension and then finalize your return once you receive a corrected W-2 should you discover your employer plans to issue a corrected one. This prevents the need to amend your return which in my opinion is the best action.