The Worksheet for Social Security Benefits confuses me.
1. Why, when there are amounts on lines A,B,C and amounts from the 1040 , and the other calculations...would there be no numbers filled in on the form? I see only lines 1 and 20 filled in, but I think lines 1 THROUGH 20 should be completed.
2. Can anyone explain what the line 8-- $25,000 reduction is about?
3. Can anyone explain what the line 10--$9,000 reduction is about?
This is sure confusing for me!
When line 9 on the Social Security Benefits Worksheet is zero or less, none of your Social Security benefits are taxable so it isn't necessary to fill in the other lines.
Your Social Security benefits may become taxable when you have other income. The $25,000 is a "base amount" for a single person. If one-half of your Social Security benefits plus your other income is greater than $25,000, then some of your SS benefits are taxable. For more information, please see Is my Social Security income taxable?
If you are still curious about the details, you'll find them in IRS Pub 915, Social Security and Equivalent Railroad Retirement Benefits.
I have the same issue.
85% of my SS is taxable and I understand that.
I'm curious why the only lines that Turbo Tax completed on the worksheet is Line 1 and Line 20,
Lines 2 thru 19 were left blank.
Shouldn't TT have completed the workshee??