You are required to report any Social Security benefits that you received during the year. TurboTax determines how much, if any, of your Social Security benefits is included in taxable income. IRS publication 915 reads:
"How Much Is Taxable?
If part of your benefits are taxable, how much is taxable depends on the total amount of your benefits and other income. Generally, the higher that total amount, the greater the taxable part of your benefits.
Maximum taxable part.
Generally, up to 50% of your benefits will be taxable. However, up to 85% of your benefits can be taxable if either of the following situations applies to you.
You are required to report any Social Security benefits that you received during the year. TurboTax determines how much, if any, of your Social Security benefits is included in taxable income. IRS publication 915 reads:
"How Much Is Taxable?
If part of your benefits are taxable, how much is taxable depends on the total amount of your benefits and other income. Generally, the higher that total amount, the greater the taxable part of your benefits.
Maximum taxable part.
Generally, up to 50% of your benefits will be taxable. However, up to 85% of your benefits can be taxable if either of the following situations applies to you.