This is my first year, 2024, getting social security. I researched and it seems the calculations can be quite complex, yet TTax only takes info from my SS 1099... How can it include the tax-exempt interest and dividends from my IRA accounts if I am not entering the info?
- Your brokerage doesn’t report it on a 1099-INT (since it’s inside a tax-deferred account).
- The IRS only knows about tax-exempt income from an IRA because you, the taxpayer, report it when calculating your provisional income for Social Security taxability.
The IRS relies on your reporting on Form 1040, Line 2a, to figure out the total tax-exempt income that affects your Social Security tax calculation.
