Can anyone tell me how to confirm the calculation of the additional OBBBA Social Security deduction?

[jguilfoy1]

I do not find schedule 1A when I review my 1040. I also don not see where the deduction was taken at all.

[DoninGA]

The amount is calculated on Schedule 1-A, Part V, with that amount flowing to Form 1040 Line 13b

Look at your Form 1040 -

You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

[jguilfoy1]

There is a number there, but I do not believe it is correct.  Unfortunately, it does not appear I can view schedule 1A for some reason to determine how the calculation was made. 

[VolvoGirl]

Why do you think it's wrong?  Are you married?  That's a common misunderstanding.  If you are both over 65  and in the phaseout amount,  the reduction is subtracted from each spouse's 6,000.

The maximum deduction is $6,000 for each person 65+. The phaseout is 6% of the amount by which MAGI exceeds $75,000 for single or $150,000 for married filing jointly (MFJ). The MAGI is normally the same as your AGI on 1040 line 11 but with some Foreign items from Form 2555 added back in. On a joint return the phaseout is calculated separately for each person, so the 6% phases out for each spouse. You can not get it if you file MFS Married filing Separate.

Here's IRS Schedule 1-A  You can fill it out by hand.  Should be easy.

I also have a spreadsheet that might help or if you tell me your AGI and Single or Joint I can enter it into my spreadsheet.

[jguilfoy1]

I used AGI of 211, 000. If I read law right. I would multiply 61,000 × .06 and subtract from $12000 since married filing jointly.

[VolvoGirl · Accepted solution]

Ok I put your AGI into my spreadsheet.  But you need to multiply by 12% if both of your are over 65.  It's reduced for EACH spouse.

[jguilfoy1]

Thank you for the clarification

 It seems like double counting when you deduct the 6% from both individuals. OBBBA not of benefit to me.