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Retirement tax questions
You MUST enter ALL the SS benefits listed on the SSA-1099 box 5 into the TT program and the taxable portion will be computed automatically (which will be 85% at your income level). Do not reduce the amount yourself or you will surely get an IRS letter later with penalties and interest added.
What you should be more worried about is having enough withholdings to cover the taxable portion of the SS benefits which you can do 3 ways :
1) have withholdings from the SS payments
2) have more withholdings from other sources like the paycheck
3) make quarterly estimated payments
‎July 15, 2021
5:13 AM