Re: TurboTax Update - Taxable Social Security Calc...
syoung123
Level 4

Get your taxes done using TurboTax

Thank you for the information.  Per the excerpt from the link, "New Exclusion of up to $10,200 of Unemployment Compensation", the SS benefits worksheet line 3 says to add Form 1040 line 1,2b,3b,4b,5b, 7 and 8.  It doesn't say from schedule 1.  Also, line 8 on Form 1040 says "other income from schedule 1, line 9", which would include the $10,200 credit/tax break.  I agree that the $10,200 should be excluded from calculating the taxable SS income based on your reply and other posts that I saw, but neither the SS worksheet, nor Form 1040 appears to indicate the $10,200 needs to be excluded in this link.  Please advise.  Thank you.

 

When figuring the following deductions or exclusions from income, if you are asked to enter an amount from Schedule 1, line 7 enter the total amount of unemployment compensation reported on line 7 (unreduced by any exclusion amount) and if you are asked to enter an amount from Schedule 1, line 8, enter the amount from line 3 of the Unemployment Compensation Exclusion Worksheet. See the specific form or instructions for more information. If you file Form 1040-NR, you aren’t eligible for all of these deductions. See the Instructions for Form 1040-NR for details.

- Taxable social security benefits (Instructions for Form 1040 or 1040-SR, Social Security Benefits Worksheet)

 

Privacy Settings