I'm trying to recover my excess withheld social security tax. This should be doable in 1040 schedule 3 (which exists for 2019: https://www.irs.gov/pub/irs-pdf/f1040s3.pdf
However, it doesn't look like Turbo Tax has any option to generate this form? Any reason why?
@dkrew72 wrote:
What happens if they are from the same employer? I have 2 W-2s from the same EIN and when combined, they exceed $8,240. I'm guessing thats why when I go to the Forms section, there isn't a Section 3 page.
If any one employer withheld too much social security, Tier 1 RRTA tax, or Tier 2 RRTA tax, you can't claim the excess as a credit against your income tax. Your employer should adjust the excess for you.
If the employer doesn't adjust the overcollection, you can use Form 843, Claim for Refund and Request for Abatement (PDF) to claim a refund.
If you had two or more employers with separate EIN's and your total Social Security taxes withheld was greater than $8,240 then the excess SS takes withheld will be entered on Schedule 3 Line 11. The amount from Schedule 3 Part II flows to the Form 1040 Line 18d as a tax payment.
The excess SS taxes paid will be included in your federal tax refund or reduce the amount of federal taxes owed.
If you are using the TurboTax desktop editions click on Forms. In Forms mode click on Schedule 3 on the left side of the Forms mode screen to open Schedule 3. If Schedule 3 is not showing, click on Open Form at the top left of the screen. Type in Schedule 3 and open the form. What is shown on Line 11?
If you are using the TurboTax online editions -
Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen. Scroll down and Schedule 3 will be listed.
What happens if they are from the same employer? I have 2 W-2s from the same EIN and when combined, they exceed $8,240. I'm guessing thats why when I go to the Forms section, there isn't a Section 3 page.
@dkrew72 wrote:
What happens if they are from the same employer? I have 2 W-2s from the same EIN and when combined, they exceed $8,240. I'm guessing thats why when I go to the Forms section, there isn't a Section 3 page.
If any one employer withheld too much social security, Tier 1 RRTA tax, or Tier 2 RRTA tax, you can't claim the excess as a credit against your income tax. Your employer should adjust the excess for you.
If the employer doesn't adjust the overcollection, you can use Form 843, Claim for Refund and Request for Abatement (PDF) to claim a refund.