Anonymous wrote:

Anonymous wrote:Thanks! This makes me happy. Even though on principle I support raising the cap!

Well if the cap were raised, along with it you would get a higher payout at 65+. So just one of the reasons "raising the cap" doesn't help

That's not how it works - just raising the cap alone would in fact fix social security.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Thanks! This makes me happy. Even though on principle I support raising the cap!

Well if the cap were raised, along with it you would get a higher payout at 65+. So just one of the reasons "raising the cap" doesn't help

Nope, not if raising the cap's purpose is to make social security financially stable. Raise the cap, but keep payouts the same.

Yes, raising or removing the cap seems like a much better way to address the shortfall than raising the retirement age or otherwise reducing benefits.

Anonymous wrote:

Anonymous wrote:Thanks! This makes me happy. Even though on principle I support raising the cap!

Well if the cap were raised, along with it you would get a higher payout at 65+. So just one of the reasons "raising the cap" doesn't help

Nope, not if raising the cap's purpose is to make social security financially stable. Raise the cap, but keep payouts the same.

Anonymous wrote:

Anonymous wrote:Thanks! This makes me happy. Even though on principle I support raising the cap!

Well if the cap were raised, along with it you would get a higher payout at 65+. So just one of the reasons "raising the cap" doesn't help

Because of the way Social Security returns are calculated (bend points/AIME/...), the higher one's earnings, the worse the ROI.

Higher payout in dollars, but even with the current cap, "... for upper-income individuals, even though with above-average health, the ROI on Social Security FICA taxes is generally negative." (https://www.kitces.com/blog/social-security-fica-self-employment-taxes-return-on-investment-roi-irr/)

Remove the cap, the ROI would get increasingly negative.

Raising the cap helps somewhat. How much depends on what is done with the extra contributions. No reason the law couldn't create a new bend point in pia to increase progressivity of benefits and extend trust fund solvency.

To op's actual question, I overpaid fica in one year and had no trouble getting the refund. H&R block software was quite user-friendly for this and I imagine any tax prep program could handle it.

Anonymous wrote:Thanks! This makes me happy. Even though on principle I support raising the cap!

Well if the cap were raised, along with it you would get a higher payout at 65+. So just one of the reasons "raising the cap" doesn't help

Thanks! This makes me happy. Even though on principle I support raising the cap!

Yes, have done this several times. Just another line and form on your tax return, and gets factored into what you owe or your refund amount. No big deal.

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If you have two jobs and your total earnings exceed the Social Security wage base limit, you may have overpaid Social Security taxes. You can claim a refund for the excess amount withheld when you file your tax return by using Form 843 if necessary.

I left my fed job and took a different job in the nonprofit sector about halfway through the year. I have probably overpaid quite a bit of SS taxes because my combined income between the two jobs is over the SS pay cap. From what I have read I am eligible for a refund. Has anyone else been in this situation and did you get your refund without any problems?