turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

What are the tax implications of having two overlapping w2 jobs ?

A friend of mine is changing jobs, and will have 1 months of of overlap in which he will be on payroll with both companies. 

Are there any tax implications (beyond paying taxes for both incomes during that month) ? 

or any procedural/filing implications ?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

What are the tax implications of having two overlapping w2 jobs ?

If it is only one month of overlap, there won't be any significant implications that it would be worth worrying about for such a short time.

Generally, if you were to be working two or more jobs at once, you would want to make sure your payroll is withholding a bit more taxes than they normally might withhold.  This is because a lot of payroll is built around assuming that an individual will have the standard deduction and personal exemption on the first $10,350 of income.  When you have two or more jobs, each job will be assuming the same thing, but, in reality, you have more income.  But, for one month, it is not worth worrying about or trying to change your W4 to withhold more taxes.

Procedural wise - your tax return will be filed out the same way, he will just have two W2s.  So, make sure he remembers this next year, as both companies will send him W2s.  Its very important you wait until you received all your forms before you file. 

View solution in original post

2 Replies

What are the tax implications of having two overlapping w2 jobs ?

If it is only one month of overlap, there won't be any significant implications that it would be worth worrying about for such a short time.

Generally, if you were to be working two or more jobs at once, you would want to make sure your payroll is withholding a bit more taxes than they normally might withhold.  This is because a lot of payroll is built around assuming that an individual will have the standard deduction and personal exemption on the first $10,350 of income.  When you have two or more jobs, each job will be assuming the same thing, but, in reality, you have more income.  But, for one month, it is not worth worrying about or trying to change your W4 to withhold more taxes.

Procedural wise - your tax return will be filed out the same way, he will just have two W2s.  So, make sure he remembers this next year, as both companies will send him W2s.  Its very important you wait until you received all your forms before you file. 

What are the tax implications of having two overlapping w2 jobs ?

thank you for the thoughtful, comprehensive, clear and helpful answer.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question