I worked 2 different jobs (Jan - Aug) and then (Aug - Dec) in 2010. I have W-2's from each of these jobs. What is the best way to go about filing taxes for this kind of scenario? What should be different in my 1040 as compared to filing for a single job?
Add a comment
|
3 Answers
Nothing unusual for the federal taxes. Just include the amounts of both on your tax return (line 7 of Form 1040 and so forth).
If the jobs were in different states, then you may have extra work filing for taxes in two states.
Make sure that you/your tax program/your accountant know to calculate excessive withholding.
If your salary goes above the limit for the social security and medicare taxes, switching jobs in the middle of the year will lead to excessive withholding of these taxes because each employer will not take into the account the other.
The excessive amounts will be credited towards your income tax. Most software programs know how to handle this situation, but it's something to make sure of.
answered Mar 28, 2011 at 6:27
-
Since the above link is dead, I am posting a second link which may help to clarify the 'excessive withholding' situation: work.chron.com/… Apr 14, 2013 at 13:56
Actually, I recently read a great article on this, Don't Let Filing Multiple W-2s Scare You at the TurboTax Blog. The author really seems to know his stuff.
*Disclaimer - I am a guest blogger at the site, it's my article, but a timely one for you.
answered Mar 28, 2011 at 6:47
JTP - Apologise to Monica♦JTP - Apologise to Monica
172k34 gold badges294 silver badges559 bronze badges