I filed my taxes with an accountant (married filing separately) but was using Credit Karma to double check his work and check if filing jointly was better. After filling everything out and double checking it was correct, I saw that I was due a refund of about $7K through Credit Karma, where filing separately we owed net $200. As you can imagine I was peeved, but prior to calling my accountant and giving him a word or two, I decided to double check all the numbers. After delving into all the nitty gritty, I saw that for some reason Credit Karma gave me a credit of 7961 on Schedule 5 line 72. This didn't make any sense. Both my wife and I hit the max cap on our social security tax of 7960.80, after which our employer stopped taking money out of our paychecks. For some reason Credit Karma is using the individual maximum as a joint maximum, this is incorrect. Regardless of filing status, every individual filing taxes owes 6.2% tax on any earnings up to $128,400 (hence $7,960.80).
I went back and played with the numbers putting my wife's SS taxes paid at $7,000 and mine at $1,960.80 and credit karma again gave me back $1k credit on my schedule 5. If you filed jointly and your income was greater than $128,400, I strongly advise you check your documentation and correct the error just in case you got that credit incorrectly. Otherwise you will have to pay it off in 2 years with interest when the IRS finally checks your taxes.
Submitted April 23, 2019 at 10:43AM by HonestAbe0730 http://bit.ly/2GCUccp
