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Old 01-10-2017, 08:17 PM
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refund of excess social sec is it taxable?

Hi,
I worked for company A in 2015 for half a year and then moved to company B in 2015.
Company A issued to me W2 in 2015 and withheld Social security tax $7347.00
Company B issued W2 to me and withheld Social security tax $8078.00, $7347.00 was credited in the tax return against the taxes due, however the tax software gave a message to contact the employer for withholding amount excess of $7347.00 and i contacted the employer and got the refund of $731.00.
Now do i have to file an amended tax return for 2015, since i got refund from employer?

Thanks
Rachel



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Old 01-11-2017, 04:38 AM
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no not 1040X but you need to file form843 to get refund the difference between $8078 and $731 To request a refund ofFICA taxes withheld by your employer in error; The refund procedure was caused by multiple employers exceeding the maximum or too much being withheld by the employers;ONLY if not refunded by the ER, then you need to use Form 1040, line 69, where you can claim a credit for your overpayment. You need to add up the amounts from each of your Form W-2s for Social Security taxes withheld, and subtract $7347 from that amount. The remaining amount is what you overpaid and is the amount of the Social Security tax credit you receive.



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Old 01-11-2017, 06:11 AM
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Originally Posted by Wnhough View Post
no 1040X needs to be filed UNLESS you already filed a return. but you need to file form843 to get refund the difference between $8078 and $731 To request a refund ofFICA taxes withheld by your employer in error; The refund procedure was caused by multiple employers exceeding the maximum or too much being withheld by the employers;ONLY if not refunded by the ER, then you need to use Form 1040, line 69, where you can claim a credit for your overpayment. You need to add up the amounts from each of your Form W-2s for Social Security taxes withheld, and subtract $7347 from that amount. The remaining amount is what you overpaid and is the amount of the Social Security tax credit you receive.
no 1040X needs to be filed UNLESS you already filed a return.



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Old 01-11-2017, 08:45 PM
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Quote:
Originally Posted by Wnhough View Post
no 1040X needs to be filed UNLESS you already filed a return.
NOTE: On Form 1040 line 71 ,NOT 69 for 2016 return.



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Old 01-16-2017, 12:27 AM
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Thanks wnhough for your reply. I got the refund from my employer and theres nothing to claim from IRS. my worry was do i need to file 1040X to report this extra income which came to me as a refund of excess social securtiy withheld by my employer.
I got the refund of $734.00

Thanks
Rachel



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Old 01-16-2017, 01:12 AM
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Quote:
Originally Posted by Rachel View Post
Thanks wnhough for your reply. I got the refund from my employer and theres nothing to claim from IRS. my worry was do i need to file 1040X to report this extra income which came to me as a refund of excess social securtiy withheld by my employer.
I got the refund of $734.00

Thanks
Rachel
I do notuderstand what you 're talkian'a bout ; yusaid,"you worked for company A in 2015 for half a year and then moved to company B in 2015.
Company A issued to you W2 in 2015 and withheld Social security tax $7347.00
Company B issued W2 to you and withheld Social security tax $8078.00 and then you contacted the employer and got the refund of $731.00. "
THEN as i said previously, you need to file form843 to get refund the difference between $8078 and $731. You need to add up the amounts from each of your Form W-2s for Social Security taxes withheld, and subtract $7347 from that amount. The remaining amount is what you overpaid and is the amount of the Social Security tax credit you receive. $8078-$731.you need to report the amt on Form 1040 line 71

ALSO, I said, no 1040X needs to be filed UNLESS you already filed your return.



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Old 01-16-2017, 10:02 PM
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Quote:
Originally Posted by Wnhough View Post
I do notuderstand what you 're talkian'a bout ; yusaid,"you worked for company A in 2015 for half a year and then moved to company B in 2015.
Company A issued to you W2 in 2015 and withheld Social security tax $7347.00
Company B issued W2 to you and withheld Social security tax $8078.00 and then you contacted the employer and got the refund of $731.00. "
THEN as i said previously, you need to file form843 to get refund the difference between $8078 and $731. You need to add up the amounts from each of your Form W-2s for Social Security taxes withheld, and subtract $7347 from that amount. The remaining amount is what you overpaid and is the amount of the Social Security tax credit you receive. $8078-$731.you need to report the amt on Form 1040 line 71

ALSO, I said, no 1040X needs to be filed UNLESS you already filed your return.
You said," I worked for company A in 2015 for half a year and then moved to company B in 2015. Company A issued to you W2 in 2015 and withheld Social security tax $7347.00
Company B issued W2 to you and withheld Social security tax $8078.00 and then you contacted the employer and got the refund of $731.00"==>>>

WHAT I mean is that once you filed your 2015 return then, yes you must file 1040X and Form 843 for your refund.



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