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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15130
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hi - I changed jobs this past year and inadvertantly ended

Resolved Question:

Hi - I changed jobs this past year and inadvertantly ended up having too much social security taxes automatically withheld ($120,000 in social security wages total) from my pay during the latter part of the year with my second job of the year. My question is how can I report and recoup this overpayment - I don't see the issue discussed or addressed in any publication or forms? Additionally I do not use an automatic tax filing program and just use electronic forms that only do the math.

Thanks in advance!
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question, and thanks for using JustAnswer.com. If you have had more than $4,624.20 withheld for social security tax, anything above that amount is going to be credited against your tax liability. This amount will be listed on line 69 of your 1040. So, what you do is add up your social security, and subtract $4,624.20 from that amount. The result should be carried over to line 69 of your 1040 and will go against your tax liability. If you have already have enough tax withheld, then that amount will be refunded to you when you file your tax return.

Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a great day.

** Please take a moment to rate my response as "Excellent" so that I may be compensated for assisting you today. Please let me know if my assistance was anything less than "OK Service", as I am compensated based on whether or not I have assisted you with your issue. If you need further clarifications, PLEASE WAIT TO RATE MY ANSWER UNTIL AFTER RECEIVING FOLLOW UP FROM ME. If I receive anything less than OK Service, I do not get paid. Thank you for your kind understanding in this matter. If you have difficulties rating, then simply respond stating that you are having difficulties rating and thank me for my excellent, good, or ok service and we can get the rating applied by the site. This answer is not to be construed as financial or legal advice. Please contact a local tax professional, and do not rely on this assessment to avoid penalties or to make financial decisions. This is for informational purposes only**


You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

Customer: replied 1 year ago.
Thanks I see that now and should have figured it out but have never come across that before. Can I ask another related question or do I have to pay again?

Bill
Expert:  Megan C replied 1 year ago.
Feel free to follow up here. If you post a new question you will be charged, but if you reply to me I can answer your related question.

Also, when you are satisfied with your answer, please rate the response 'Excellent' as that's the only way I receive credit from the website for assisting you.

Thanks!
Customer: replied 1 year ago.
Ok thanks and that was a excellent answer. My next question concerns a 1099-INT I received that had an entry in line 2a "(Total capital gain distributions (includes lines 2b, 2c, 2d))" and nothing else.

The form didn't have any instructions and so my question was where does that figure go: Schedule D, Form 8949, etc. - long term, short term?

Thanks again!
Expert:  Megan C replied 1 year ago.

I am confused - line 2 of the 1099-INT is an early withdrawal penalty...

 

http://www.irs.gov/pub/irs-pdf/f1099int.pdf

Customer: replied 1 year ago.
Line 2 is as you say but its under the 'Interest Income' section - this is line 2a under the 'Dividends and Distributions section. The 1099 is from a brokerage thats handling equities for me.
Expert:  Megan C replied 1 year ago.
I'm still not certain where you are talking about, because 1099-INT does not have a dividends and distributions section.

Thanks.
Customer: replied 1 year ago.

You're right - now that I look at it - this is a combined statement and I was looking at the left side of the document for the document number which was under the 'Interest Income' section. Line 2a where my question comes from is under the "1099-Div" section. Sorry for the confusion!

Expert:  Megan C replied 1 year ago.
This is capital gain and is reported on schedule D.

Thanks again for using justanswer and please take a moment to rate my response as excellent.
Customer: replied 1 year ago.
It doesn't say if it's a long or short term gain or at least I don't see anything? Do you know which category it falls under for that line (2a)? If not I'll call them.
Expert:  Megan C replied 1 year ago.
It depends on how long you had your investment. You would need to ask them.

Please let me know if I can be of any further assistance. Thanks for using JustAnswer and have a great day.

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15130
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 2 other Tax Specialists are ready to help you
Customer: replied 1 year ago.
thanks
Expert:  Megan C replied 1 year ago.
Your welcome. Please rate my answer as excellent so I may get credit for assisting you today. It was a pleasure working with you and if you need anything else just let me know. I hope you have a great afternoon.
Expert:  Megan C replied 1 year ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer
Customer: replied 1 year ago.

You're welcome - thanks for the help and I did rate your service as excellent.

Expert:  Megan C replied 1 year ago.
Thanks - could you please select 5 smiley faces, as this is how the response is rated in the system. I'm not showing a rating

Thanks again for using JustAnswer.com and have a great day.
Expert:  Megan C replied 1 year ago.
Thank you for the positive rating. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer. For the quickest service, please post a new question.

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