I had one job from Jan to Aug. One from Nov, Dec. I earn in excess of $97.5M at each job. Does TaxCut automatically pick up on FICA overpayments?
How do I know when I reached the limit? I will also have two employers this year (merger...). So same situation two years in a row.
2007-07-13 06:35:01 · 3 answers · asked by cathoratio 5 in Business & Finance ➔ Taxes ➔ United States
When you have overpayment of Social Security from two different employers, but neither employer has overwithheld SS, then you get your excess back (credited against taxes owed, or paid to you) when you file your income taxes.
As long as you enter the data from your W-2's, your tax software will handle it and you will see the overpayment credited to you as a payment on the printout of your return.
2007-07-13 06:47:27 · answer #1 · answered by ninasgramma 7 · 3⤊ 0⤋
As long as you input everything correctly, the software should pickup the overpayment automatically.
When you do your return, a credit will show up on the line labled "Excess social security and tier 1 RRTA tax withheld". For 2006, the line number was 67 but line numbers change a little year to year.
2007-07-13 07:15:45 · answer #2 · answered by Wayne Z 7 · 2⤊ 0⤋
The FICA wage limit for 2007 is $97,000. Anything above that (if you have more than one employer) will then be considered excess.
And I would assume your tax program should pick that up as long as you put each W-2 in separately
2007-07-13 07:04:06 · answer #3 · answered by Anonymous · 1⤊ 0⤋