Social Security Refund on Taxes?

I'm working two jobs that pay over $150k apiece. I know total SS tax contribution for 2020 is only $137,700. Since both employers are taking SS out of my paychecks, how do i calculate the tax credit/refund when filing taxes next year? I'll have paid way over the $137k into social security. Thanks,

5 Answers

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  • NA
    Lv 7
    4 months ago

    You would claim a credit on 1040 schedule 3, line 11 for excess FICA withholding.

  • Judy
    Lv 7
    4 months ago

    If you use tax software, it should do th calculation.  What was deducted, minus the maximum.

  • 4 months ago

    The withholding on the excess over tax on $137K is credited as income tax withholding.

  • 4 months ago

    There is a place to claim the excess withheld on your income tax return.

    This topic has links to the appropriate forms.

    https://www.irs.gov/taxtopics/tc608

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  • Anonymous
    4 months ago

    You make way too much money already.

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