What happens If I Overpay Social Security Taxes?

Question

Resource: Maximum social security tax income level for 2015.

I work four jobs and just noticed on the second one, they're deducting social security taxes. The first job I work pays 99% of the maximum income level tax for social security (as of this writing $118,500), so I've already overpaid into it. I can reach out and have them adjust this going forward (but still will have over paid and didn't realize there was a maximum), or - if this isn't a tax problem - not adjust anything and get the money back when I file next year.

If someone overpays social security taxes, do they get it returned when they file taxes the next year?

Answer 1

Yes you will get back the extra money at tax time.

You are not able to adjust the withholding. Each employer will pay their share, and not get a refund, but at tax time, you'll get back any excess as if you worked one job.

On the tax forms the data from each W2 is loaded, including the Social Security (FICA) withheld. There are a number of circumstances that can result in the worker portion being too much, say 6 months at one job, 6 months at another, but the total for the year is well above the max withhholding level. Or the OPs situation with multiple concurrent jobs. If you fill the forms manually, I can't tell you the form the triggers the refund (yet) but the reporting of the excess payments will result in a refund via the same Federal tax payment /refund method. To be clear, your federal refund will be higher, or required payment lower due the the Social Security issue.