You will have to contact your employer to receive a refund and get a corrected W2. If your employer won’t cooperate, then you will have to fill out Form 843 to received a refund of the taxes and you will need to make an adjustment to your W2 to reflect what the correct number should have been.
Do you get a refund if you overpaid Social Security tax?
If you overpay your FICA taxes, you are entitled to a refund of the excess amount. You might overpay if: You aren’t subject to these taxes, but they were withheld from your pay. You didn’t owe FICA taxes, but you made estimated tax payments.
What happens if you overpay your Social Security taxes?
Unfortunately, you cannot stop the withholding. However, you will get a credit on your next tax return for any excess withheld. Each employer is obligated to withhold social security taxes from your wages. The total they both can withhold may exceed the maximum amount of tax that can be imposed for the year.
Why does TurboTax say I paid too much Social Security?
If you paid less than $8,239.80 in box 4 taxes from all your W-2s, then the message about too much SS tax means you have a typo in your W-2 entry. Make sure your W-2s are entered correctly and assigned to the correct spouse, if you are married and have more than 1 W-2.
How do I calculate excess Social Security withholding?
You can find the amount withheld on your Form W-2 for each job. Then, subtract the annual maximum Social Security tax from your total withholding to determine the amount of your Social Security tax refund and report that amount as a tax credit on your tax return.
Where do I claim excess Social Security tax paid?
For Tax Year 2018, the Excess Social Security Tax Credit will be claimed on Line 72 of Schedule 5, Other Payments and Refundable Credits, which carries forward to Line 17 of Form 1040.
How do I get my Social Security tax overpayment back?
You can get back the excess Social Security that was withheld when you file. If you file Form 1040, line 69 of the form is where you’ll get credit for your overpayments. Simply add the amounts of Social Security withholding reported by each employer on your W-2s and subtract $6,621.20.
Can Social Security take my tax refund?
If you no longer receive SSI, we may withhold your overpayment from a Federal Income Tax refund and/or from any future Social Security benefits you may receive. If you become eligible for SSI in the future, we will withhold your overpayment from future SSI payments.
Where do I report excess Social Security withholding?
If you file Form 1040, enter the excess on line 69. If you file Form 1040A, include the excess in the total on line 41. Write “Excess SST” and show the amount of the credit in the space to the left of the line. You cannot claim excess social security tax withholding on Form 1040EZ.
What to do if Social Security says they overpaid you?
If you do not agree that you have been overpaid, or if you believe the amount is incorrect, you can appeal by filing Form SSA-561, Request for Reconsideration. You should explain why you think you have not been overpaid or why you think the amount is not correct.
How long do you have to pay back Social Security overpayment?
SSA can withhold all of your Social Security benefits to repay the overpayment. However, unless there is fraud involved, they will usually let you pay it back in smaller amounts. You will have to pay back at least $10.00 a month. SSA tries to get the money back within 3 years.
How do I fight overpayment of Social Security?
How do I appeal the overpayment? You must file SSA Form 561, “Request for Reconsideration.” You can get this form at your local SSA office, ask for one by phone, or download it online. You can also file a Request for Reconsideration online. You should turn the form in with evidence showing SSA did not overpay you.
How do I enter a social security overpayment on my taxes?
1. If your social security overpayment is because of multiple employers, then when you enter your W2s, the program will warn of the overpayment and will add into your federal tax return automatically. It will show as Line 71 as a payment and be calculated into Line 75 (your refund) or Line 78 (amount you owe).
What happens if my employer withheld too much Social Security tax?
If one employer withheld too much Social Security tax, you won’t be able to take a credit for the excess on your tax return. (TurboTax determines this by looking at your employer’s EIN.
What happens if my Social Security benefits are overpaid?
You can ask them to withhold a certain amount from your monthly Social Security checks until the overpayment is recovered. If you do nothing, they’ll simply stop your check until the balance is recovered. The key points to remember are:
What is the procedure for excess Social Security withholdings?
The procedure depends on whether the excess withholdings were caused by multiple employers exceeding the maximum or too much being withheld by a single employer. Select your situation for more info. For tax year 2020, you’ll have excess Social Security withholdings if the sum of multiple employers’ withholdings exceeds $8,537.40 per taxpayer.
