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I entered a SSA-1099 reflecting a benefit received from my parents death. Federal Refund then decreased by more than the amount listed in box 5 on the form.
When declaring the amount received from a parent's Social Security death, the Federal Refund that TT calculates decreases by more than the amount that we received. In other words, it appears that the SS benefit actually cost us ~ $80 ($280 benefit, but $360 tax increase). Does this sound right, or am I entering this incorrectly?
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‎January 31, 2022
8:09 AM