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Retirement tax questions
Marilyn
I just received your response (below) to my original question...however, On the Soc Security worksheet to determine how much of soc sec income will be taxable you MUST enter the total benefits received on the sheet to do the computations---from box 5 on Soc Sec 1099 THIS AMOUNT is before premiums are deducted. 2020 Medicare premiums were $144.13 per month ($1729.10 annual)....that should be subtracted from total Soc Sec benefits received before doing the computations for the amount of taxable social security benefits???? That is what makes sense to me....Medicare reimbursement is added into monthly pension so I'm already being taxed on the reinmbursement in my total pension for 2020
Re: SOCIAL SECURITY INCOME CLAIM OMN 1040 |
You are being only taxed on your Net Social Security Income (Box 5 on 1099-SSA). You may not be taxed at all on your Social Security, or only partly, depending on your other income.
In TurboTax, you enter your Medicare Premiums amount, which are automatically moved to Medical Expenses, in the event you file using Itemized Deductions.
You are only being taxed on the Medicare Premiums reimbursement included in your pension income. |
eceived your response to my question