Clarify SSA tax projection for next year

[berkleys]

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

Add pension:    $ 553.00

Total:              $ 23359.00

Adding IRA W/D: $ 13500.00

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,

[KochuK · Accepted solution]

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.