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Retirement tax questions
Yes, that is correct especially if the amount of 1/2 of his SSI and the distribution from his 401K are less than his Standard or Itemized Deduction amounts. You can easily check this in Turbo Tax Online by going to:
- Log or open Turbo Tax
- Go to to Tax Tools>Tools>view Tax Summary
- Check the 6 line down where it says Taxable income. If this is 0 then he is eligible to receive all of his withholding that he paid in.
- If you are using the software, you can go to forms and check the 1040. If line 15 says 0, then he will receive his taxes that were withheld.
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March 16, 2021
7:27 PM