bacarruth
New Member

Do I need premium or other version now that I am reporting social security income

 
dmertz
Level 15

Retirement tax questions

All versions of TurboTax support reporting of Social Security income.

Retirement tax questions

Receiving Social Security would not mean you need Premier.  You might need Premier if you have rental or investment income.  Your SSA1099 can be entered in any version of the software.  Is this the first year for SS for you?  In January you will receive a SSA1099 in the mail.

 

Do not try to enter your SSA1099  or RR1099RB as a W-2.  Go to Federal> Wages & Income>>Retirement Plans and Social Security  (SSA1099 and 1099RRB) to enter your SSA1099

 

 

Some additional information:

 

TAX ON SOCIAL SECURITY

Up to 85% of your Social Security benefits can be taxable on your federal tax return.  There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits.  When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable.

 What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit was $16,920 —for 2018 it will be $17,040—for 2019 it will be $17,640— for 2020 it will be $18,240)  After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.

To see how much of your Social Security was taxable, look at lines 6a and 6b of your 2020 Form 1040

 

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable

 

https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable

 

You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.

 

 

 

Some additional information:  There are 13 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.  These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
DJS
Alumni
Alumni

Retirement tax questions

You can report Social Security benefits in any TurboTax version. It's reported on your Form 1040. 

 

https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-an-ssa-1099-ssa-1099-sm-o... 

Answers are correct to the best of my ability but do not constitute legal or tax advice.
**If this post is helpful please click on "thumbs up"**

Retirement tax questions

Not necessarily:

If you are using the "Online" browser based software ....your final W-2, simple SS (SSA-1099) and retirement income (1099-R) can go in on the "Free" version...

BUT...

If you have ANY other situations, like some distributions from mutual funds, a home sale, investment sales/income, rental income, then the higher versions are needed, usually Premier.   Also, itemized deductions requires a minimum of online Deluxe....if your itemized deductions exceed the Std Ded for whatever status you are using.

 

Not sure what will be required for the specials CARES Act distributions from retirement funds.  That might depend on whether one is letting it all be taxed for 2020, or if they are going to split the income over 3 years.  Those might require Deluxe or Premier...no way to know yet

_______________________

Desktop Deluxe will handle all of the above if you have a full MAC or Windows computer

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
bacarruth
New Member

Retirement tax questions

Thank you.  Since I just turned 66, am working, and collecting my social security, and putting it aside in an interest bearing account, I am wondering for this year, if I should use Deluxe Live to consult with a tax expert on completing my returns.  Any suggestions?  I arranged to take out 12% from SS for tax purposes, so I won't get surprised with what I might owe.  

Retirement tax questions

 Nothing special about reporting SS.  You will get a SSA-1099 in January for it.  You enter it just like any W2 or 1099 form you get.  It has it's own spot to enter it.  

 

Enter a SSA-1099, SSA-1099-SM or RRB-1099 under
Federal
Wages and Income tab
Then scroll down to Retirement Plans and Social Security
Social Security (SSA-1099. RRB-1099) - click the Start or Update button

 

Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:
Married Filing Jointly: $32,000
Single or head of household: $25,000
Married Filing Separately: 0

Retirement tax questions

I can't input any my SSA in to the Turbotax Premier income form

MinhT1
Expert Alumni

Retirement tax questions

@brocliff1

 

You can enter your form SSA-1099 by following these steps:

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income on top of the screen
  3. Scroll down to All Income, locate the section Retirement Plans and Social Security and click on Show more
  4. Click Start next to Social Security (SSA-1099, RRB-1099).
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"