DaveF1006
Expert Alumni

Retirement tax questions

It depends. Social Security income needs to be reported in your return but may or may not be taxable depending on your tax filing status.

 

For an example, the standard deduction amounts are  $25,900 for joint filers, $19,400 for heads of household, and $12,950 for single filers and those married filing separately. So if you file single, your threshold amount is $12,500. If head of household, it is $19,400.

 

Your social security could be taxable if you combine the 1099B income with 1/2 of the social security and combined total is $25,000. Even if some of your social security is taxable, you won't pay income tax on your return if the taxable amount of social security and the income from the 1099B is less than the filing threshold(s) that is listed above.

 

It sounds like if you reported everything correctly, then there is no tax due if that is what you are referring to when you say "nothing came up that I had to pay here on turbo tax". 

 

Reach out if you have additional questions.

 

@Taylorgang2319 

 

 

 

 

 

 

 

 

 

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