I am looking at my Schedule SE and line 7 says: 7
Maximum amount of combined wages and self-employment earnings subject to social security tax or
the 6.2% portion of the 7.65% railroad retirement (tier 1) tax for 2020 . . . . . . . . . . . $ 137,700
I DON'T HAVE A FARM!
No, this message isn't referring specifically to Farm self-employment income on your return, it is referring to self-employment taxes from any source, including farming, if you had farming, and wages that could cause you to have an excess amount of social security taxes withheld during the year. If so, then you are entitled to a refund of the excess. The maximum social security taxes withheld limit for 2020 is $8,537.00
Did you have excess social security withheld from your w-2s?
This is referring to the maximum amount of social security tax to be withheld per taxpayer.
The IRC says that if you have excess social security taxes withheld from only one employer, you go back to that employer to get the excess refunded. If you have excess social security taxes withheld from more than one W-2, you claim the excess on your income tax return and you should get a refund of the excess on Sch 3 line 10.
But why does it say 137,700.00 ??
Mine says the same thing. i received a note today saying my refund is under review... this is the only line item i have seen that is different than last years. the 137k was self generating so why did it put itself in that line. and is this the reason why i was flagged?
That is just a prefilled amount for the max amount subject to Social Security Tax. If your total W2 and SE income is more than that you don't pay SS tax on the amount over. If your income is less then box 7 doesn't figure into it.
See it's even on the blank IRS SE form