Getting refunded SS overpayments?

[illgetthere]

I'm pretty sure you do it on your taxes. You enter you income and the SS withholdings, and it will show you overpaid. You should get a refund just as you do if you overpay taxes.

[jwright]

The excess social security counts as a tax payment on your tax return; so it will either increase your refund or be a credit against your balance due when you file your 1040 on April 15.

On page 2 of the 1040; Line 69 shows the amount, and it is grouped with other payments and withholding you made to determine your refund/balance due. There is nothing else for you to file.

[Deleted]

You just claim it on your taxes. I've done it several times.

The alternative is that your HR can set the cap for FICA withholding based on your total salary from your last job - if they're willing. Maybe that's what HR was talking about.

[WinterWine]

I didn't realize there was a cap on how much SS tax you would pay. I thought it was just a % of your income. I'm curious how this works.

[Pom]

Oct 30, 2014 19:40:31 GMT -5 WinterWine said:

I didn't realize there was a cap on how much SS tax you would pay. I thought it was just a % of your income. I'm curious how this works.

2014- $117[k
]2015- $118,500 projected

Once your payroll hits this amount, the SS deduction stops coning out of your wages. If you switch employers mid year and over contribute, it is a credit or part of your refund if you overpaid in total.

[delawarejen]

Switching jobs could also cause problems with Medicare withholding for high income individuals, as there's an additional 0.9% Medicare tax for income above the thresholds (which depend on filing status). If you over or under withhold on Medicare during the year, you just settle up as part of filing the 1040. www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Questions-and-Answers-for-the-Additional-Medicare-Tax

[rubytue]

Is this because of maxing out SS?(eta: or switching employers?) H's employer totally effed up his SS last year and the IRS said the employer had to fix it. Company had to refund the difference and issue a new W2 (or 4, it took several tries and multiple calls to the IRS and the coma
My bookkeeper to sort out)

[dottyblue]

Oct 30, 2014 21:25:51 GMT -5 rubytue said:

Is this because of maxing out SS?(eta: or switching employers?) H's employer totally effed up his SS last year and the IRS said the employer had to fix it. Company had to refund the difference and issue a new W2 (or 4, it took several tries and multiple calls to the IRS and the coma
My bookkeeper to sort out)

The OP's particular situation is due to switching employers.  SS must restart when an individual switches employers; it's IRS/SSA regulation.  The employer can not opt out of withholding on behalf of the employee or credit their withholding based on previous employment.  The is the only case where the SSA will refund SS withholding on a regular tax return.

In your DH's case, where the employer is at fault for overwithholding, the employer must refund the money.  The SSA will not do the refund in that situation.

[rubytue]

Oct 31, 2014 11:15:17 GMT -5 dottyblue said:

Oct 30, 2014 21:25:51 GMT -5 rubytue said:

Is this because of maxing out SS?(eta: or switching employers?) H's employer totally effed up his SS last year and the IRS said the employer had to fix it. Company had to refund the difference and issue a new W2 (or 4, it took several tries and multiple calls to the IRS and the coma
My bookkeeper to sort out)

The OP's particular situation is due to switching employers.  SS must restart when an individual switches employers; it's IRS/SSA regulation.  The employer can not opt out of withholding on behalf of the employee or credit their withholding based on previous employment.  The is the only case where the SSA will refund SS withholding on a regular tax return.

In your DH's case, where the employer is at fault for overwithholding, the employer must refund the money.  The SSA will not do the refund in that situation.

Thanks! I was thinking that must have been the situation. But it was such a mess last year I would have been annoyed if I missed a more efficient way

[simpsongal]

Completely selfish sidenote - woohoo! I always forget about this until I start getting higher paychecks towards the end of the year.