Author Topic: How do I do taxes with multiple W2s?  (Read 2218 times)

the_fella

  • Stubble
  • **
  • Posts: 176
  • Location: United States
How do I do taxes with multiple W2s?
« on: January 30, 2017, 09:18:31 AM »
My job is a bit weird, so I received 4 W2s. Sometimes we pay into social security, other times we do not, so that can fuck up the numbers a bit. I also received a W2 from a different job I had earlier in the year. Do I just add the amounts in the relevant boxes, or what?

mlr2016

  • 5 O'Clock Shadow
  • *
  • Posts: 17
Re: How do I do taxes with multiple W2s?
« Reply #1 on: January 30, 2017, 10:24:02 AM »
Assuming you're not doing this by hand, generally all tax software will allow you to enter multiple W2's.  So go ahead and enter them individually into the software and you should be good to go. 

the_fella

  • Stubble
  • **
  • Posts: 176
  • Location: United States
Re: How do I do taxes with multiple W2s?
« Reply #2 on: January 30, 2017, 10:29:50 AM »
Oh, ok. Thank you. I didn't know this feature was common, as I've never had multiple W2s before.

johnny847

  • Magnum Stache
  • ******
  • Posts: 3188
    • My Blog
Re: How do I do taxes with multiple W2s?
« Reply #3 on: January 30, 2017, 04:17:45 PM »
If you made more than $118k or so (I forget the exact amount), make sure you fill out the portion to get back the extra SS tax you paid.

SS tax is only assessed on the first $118k of wage income. However, each employer is required to withhold the SS tax on the first $118k of your income from that job, regardless of whether you tell them that you already paid enough SS tax because you earned enough from a previous job that year (or maybe you're working multiple jobs). Hence, there's a section of the 1040 that addresses this issue to get this money refunded.
« Last Edit: January 30, 2017, 04:19:33 PM by johnny847 »

Livingthedream55

  • Pencil Stache
  • ****
  • Posts: 525
  • Location: Massachusetts, USA
Re: How do I do taxes with multiple W2s?
« Reply #4 on: March 09, 2017, 11:12:40 AM »
Ditto. Most software has a "add another W-2" prompt - look for it after you have entered the first one.

Make each W-2 form online look exactly like the paper form (i.e. check to see you replicate exactly what is entered or checked in each box) and you should be fine.

And ditto to what Johnny847 said about wage income totaling over $118,500

From SSA website
What is the current maximum amount of taxable earnings for Social Security this year?
In 2016, the highest amount of earnings on which you must pay Social Security tax is $118,500. We raise this amount yearly to keep pace with increases in average wages. There is no maximum earnings amount for Medicare tax. You must pay Medicare tax on all of your earnings.


slowsynapse

  • Stubble
  • **
  • Posts: 103
  • Age: 51
Re: How do I do taxes with multiple W2s?
« Reply #5 on: March 09, 2017, 11:47:25 AM »
Sometimes we pay into social security, other times we do not, so that can fuck up the numbers a bit.

There is really good advice in previous answers on the $118,500 and not paying social security beyond that.  I am concerned about your quote above unless a single employer paid you more than $118,500.  There could be some other special circumstance but I cannot think of one off the top of my head.  I have also seen multiple W-2's when there are more than four items in box 12 where the dollar amounts are exact but the box 12 is different.

financepatriot@gmail.com

  • 5 O'Clock Shadow
  • *
  • Posts: 39
  • Passionate about FI at www.thefinancepatriot.com
    • The Finance Patriot-  The road to early retirement
Re: How do I do taxes with multiple W2s?
« Reply #6 on: March 10, 2017, 09:57:07 AM »
If you use tax software, they will let you enter in W-2's separately.  I have done it more than once during my job hopping years. 

Simply follow the instructions and make sure the boxes on your W-2's line up with the boxes on your tax software program.  If you want to do a double check, make sure all the numbers combined add up to your paper forms after you enter in all the information.

the_fella

  • Stubble
  • **
  • Posts: 176
  • Location: United States
Re: How do I do taxes with multiple W2s?
« Reply #7 on: June 04, 2017, 08:39:47 AM »
I know I'm really late, but I thought I'd update you all. My cousin is a CPA and she helped me out with this. She basically reiterated what you guys said, that you just add the amounts from the various W2s.

Idk if I made it clear, but for most of what I do, we pay into a system called SERS, the School Employees' Retirement System. But we occasionally do outside work, for which we pay into social security.

 

Wow, a phone plan for fifteen bucks!