re: Is Social Security Overpayment Applied to Income Tax Liability?

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When I file income tax for the 2014 tax year, will that excess amount be credited towards federal income tax payment?

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Basically, yes. Line 69 of Form 1040 is where you report the overage. On both of your W-2s, it will show up as social security tax withheld. But if the combined total is more than the annual max, you can record the extra here and it will apply towards income tax.