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Message
Is Social Security Overpayment Applied to Income Tax Liability?
Posted on 3/30/14 at 4:54 pm
Posted on 3/30/14 at 4:54 pm
I am starting a new job soon and will start fresh with social security deductions out of my paycheck. During the remainder of the year I will hit the max deduction, so it will stop coming out of each paycheck.
However, social security was also deducted out of my paycheck for the prior job this year. So the total will theoretically overpay the max social security amount.
When I file income tax for the 2014 tax year, will that excess amount be credited towards federal income tax payment?
If so I will just leave it alone, since with zero exemptions I will still owe money and I don't like to put an extra amount on the W4 to be held out of each paycheck. If it doesn't count as income tax payment then I guess I will request that my employer cut off the SS payroll deductions sooner based on how much I have paid in.
Anyone know how this works?
However, social security was also deducted out of my paycheck for the prior job this year. So the total will theoretically overpay the max social security amount.
When I file income tax for the 2014 tax year, will that excess amount be credited towards federal income tax payment?
If so I will just leave it alone, since with zero exemptions I will still owe money and I don't like to put an extra amount on the W4 to be held out of each paycheck. If it doesn't count as income tax payment then I guess I will request that my employer cut off the SS payroll deductions sooner based on how much I have paid in.
Anyone know how this works?
3
Posted on 3/30/14 at 6:50 pm to Bayou Tiger
Keep track of your total SS withheld for the year. When you max the SS withheld at your new job, ask the payroll administrator to credit the overpayment in SS to your income tax withheld. As long as you ask your payroll admin to do this before the end of the quarter, they should have no problem with their 941 quarterly report. I have done this for employees at my company before but I would not be surprised if a lot of companies would not be willing to do this. If they are willing, you will likely have to provide them with an earnings statement/pay stub from your previous employer.
This post was edited on 3/30/14 at 6:59 pm
Posted on 3/31/14 at 8:44 am to Bayou Tiger
quote:Yes
Is Social Security Overpayment Applied to Income Tax Liability?
Posted on 3/31/14 at 9:11 am to Bayou Tiger
quote:
When I file income tax for the 2014 tax year, will that excess amount be credited towards federal income tax payment?
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.
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