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Angie
Angie, Tax Preparer
Category: Tax
Satisfied Customers: 225
Experience:  Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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I have a s corporation. I overpaid ss taxes. How do I issue

Customer Question

I have a s corporation. I overpaid ss taxes. How do I issue my W-2 now?
Submitted: 7 months ago.
Category: Tax
Expert:  Charles Markham replied 7 months ago.
Hi, there. Give me a few more details about "overpaying your social security" how do you mean? Did you make a mistake or are you sayingyou have two W-2s and the total wages are greater than the social security maximum.
Customer: replied 7 months ago.
I made a mistake. I have only one W-2 and paid on wages over 118500
Expert:  Charles Markham replied 7 months ago.
Okay, so first off, you should issue yourself a correct W2. If you have already filed a W2 with social security, now you need to file a W-2c.
Expert:  Charles Markham replied 7 months ago.
You then need to prepare a "941X" an amended employment tax return and get a refund of the employment taxes paid.
Expert:  Charles Markham replied 7 months ago.
Need any further assistance?
Expert:  Angie replied 7 months ago.
The previous expert's information is correct. Do you need assistance in filing a corrected W-2 and 941-x?
Customer: replied 7 months ago.
I will file a form 941x to get a refund of the taxes overpaid. But how do I report the wages on the W-2? I have not filed the W-2 yet. Do I report the correct wages or the original and then file a W-2 C?
Expert:  Angie replied 7 months ago.
If you haven't already filed the W-2's just report the correct amount on the original. The W-2C would be to correct an already filed form.

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