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# Clarify SSA tax projection for next year

Need to clarify what I've understood so far while trying to project tax due next year.

Married, filing jointly

Annual Combined SSA income: \$ 45612.00

Annual Husbands Pension: \$ 553.00

IRA Estimated Withdrawal: \$13500.00

1/2 of SSA = \$ 22806.00

Total:              \$ 23359.00

Total:               \$ 36859.00

MFJ=\$ 32,000.00 to equal 50% tax on SS income

So we would be taxed on \$ 4,859.00.

Is this correct?

Thank you,

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Employee Tax Expert

## Clarify SSA tax projection for next year

Hi berkleys, thank you for joining the TurboTax Special Forum today.

Please refer to Social Security Benefits Worksheet:

Page 16 of IRS Pub 925 - Worksheet 1

https://www.irs.gov/pub/irs-pdf/p915.pdf

Based on the information provided, great job in following the worksheet up to line 12.

Line 13 is half (50%) of line 12 = \$2,430 taxable social security.

Assume both of you are 65 and over, the Married Filing Jointly standard deduction is \$26,100, which is larger than the total income (pension, IRA withdrawal, taxable social security).

The above is based on 2020 tax rule for estimate only. Hope this helps.

**Say "Thanks" by clicking the thumb icon in a post
Employee Tax Expert

## Clarify SSA tax projection for next year

Hi berkleys, thank you for joining the TurboTax Special Forum today.

Please refer to Social Security Benefits Worksheet:

Page 16 of IRS Pub 925 - Worksheet 1

https://www.irs.gov/pub/irs-pdf/p915.pdf

Based on the information provided, great job in following the worksheet up to line 12.

Line 13 is half (50%) of line 12 = \$2,430 taxable social security.

Assume both of you are 65 and over, the Married Filing Jointly standard deduction is \$26,100, which is larger than the total income (pension, IRA withdrawal, taxable social security).

The above is based on 2020 tax rule for estimate only. Hope this helps.

**Say "Thanks" by clicking the thumb icon in a post