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trav4301
New Member

2017 tax calculater for retired people

need a tool to estimate taxes owed. My wife and I are retired with SS benefits and monthly  IRA withdrawls
1 Best answer

Accepted Solutions
xmasbaby0
Level 15

2017 tax calculater for retired people

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Up to 85% of your Social Security benefits can be taxable.  There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits.  When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. 

 What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit is $16,920)  After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.

You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly.

To see how much of your Social Security was taxable, look at line 14b of your 1040A, or line 20b of your 1040

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable

Note:  You will receive SSA1099's from Social Security and 1099R's for the retirement income.  

Go to Federal> Wages & Income>>Retirement Plans and Social Security to enter your SSA1099.

, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

1 Reply
xmasbaby0
Level 15

2017 tax calculater for retired people

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Up to 85% of your Social Security benefits can be taxable.  There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits.  When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. 

 What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit is $16,920)  After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.

You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly.

To see how much of your Social Security was taxable, look at line 14b of your 1040A, or line 20b of your 1040

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable

Note:  You will receive SSA1099's from Social Security and 1099R's for the retirement income.  

Go to Federal> Wages & Income>>Retirement Plans and Social Security to enter your SSA1099.

, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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