MayaD
Expert Alumni

Retirement tax questions

If your only income is Social Security, you probably don't make enough money to be required to file a federal tax return.

Whether or not your Social Security income is taxable depends on your total income, including your Social Security plus any other income.

Your benefits may be taxable if the total of (1) one-half of your benefits, plus (2) all of your other income, including tax-exempt interest, is greater than the base amount for your filing status.

The base amount for your filing status is:

  • $25,000 if you're single, head of household, or qualifying surviving spouse,
  • $25,000 if you're married filing separately and lived apart from your spouse for the entire year,
  • $32,000 if you're married filing jointly,
  • $0 if you're married filing separately and lived with your spouse at any time during the tax year.

For more information check :irs.gov

 

 When you report your income, TurboTax will automatically calculate the taxable amount. 

You should receive a Form 1099-SSA from Social Security which can be entered directly into TurboTax.

To report your Social Security Income:

  • Login to your account.
  • Select Federal from the left menu
  • Go to Wages and Income then Income and Expenses.
  • Scroll down to Retirement Plans and Social Securities.
  • Select Strat next to Social Security (SSA-1099, RRB-1099)

 

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