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January 27, 2023
Question

If I overpaid Social Security because of 2 employers do I have to wait until next year to receive the credit? It does not seem to show in my total Refund.

  • January 27, 2023
  • 1 reply
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1 reply

SteamTrain
Employee
January 27, 2023

NO, if it's on two W-2 forms for 2022, it should show on this year's tax return.....on line 11 of the Schedule 3 , and also on line 31 of yoru form 1040  (line 31 can also include a few other credits summed together).

 

1) The two W-2 forms must have different employer EIN's.  (IF they are the same due to a payroll agent handling both employer's W-2 forms....there's a workaround, but you have to use the desktop software to enable it)

 

2)  The sum of both box 3 values must be greater than $147,000.

3) The sum of both box 4 values must be greater than $9114

4) The value of box 4 on each W-2, separately, must not be greater than 6.2% of its respective box 3 value.

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Given the above restrictions, TTX software does handle it properly, both Online and Desktop (as of a couple weeks ago at least)

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*