Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
bearkoala1
New Member

HOW IS THE SOCIAL SECURITY FIGURED IN THE INCOME? IT IS SUPPOSED TO BE PUT ON A WORK SHEET TO DETERMIN AMOUNT TO ADD TO INCOME NOT THE WHOLE AMOUNT

 
1 Best answer

Accepted Solutions
HelenaC
New Member

HOW IS THE SOCIAL SECURITY FIGURED IN THE INCOME? IT IS SUPPOSED TO BE PUT ON A WORK SHEET TO DETERMIN AMOUNT TO ADD TO INCOME NOT THE WHOLE AMOUNT

Yes, TurboTax uses a worksheet to calculate any taxable social security. Only up to 85% of Social Security may be taxable, not the whole amount. 

See the screenshot below of IRS Worksheet A. A Quick Way To Check if Your Benefits May Be Taxable.

Whether or not your Social Security income is taxable depends on your total income, including your Social Security plus any other income. Generally speaking, if your only income is Social Security, you probably don't make enough money to be required to file a federal tax return.

For those with additional sources of income, the key figure is the Modified Adjusted Gross Income (MAGI). The MAGI includes half of your Social Security, plus other sources of income. Once your MAGI exceeds the base amount for your filing status:

  • ($32,000 for Married Filing Jointly, otherwise $25,000), at least part of your Social Security income becomes taxable. 
  • The taxable portion of your Social Security income increases once you reach additional MAGI threshholds.


To determine if your Social Security income is taxable, all  you need to do is enter that income – See Where do I enter an SSA-1099, SSA-1099-SM, or SSA-1099-R-OP1? TurboTax does the rest!


 

View solution in original post

1 Reply
HelenaC
New Member

HOW IS THE SOCIAL SECURITY FIGURED IN THE INCOME? IT IS SUPPOSED TO BE PUT ON A WORK SHEET TO DETERMIN AMOUNT TO ADD TO INCOME NOT THE WHOLE AMOUNT

Yes, TurboTax uses a worksheet to calculate any taxable social security. Only up to 85% of Social Security may be taxable, not the whole amount. 

See the screenshot below of IRS Worksheet A. A Quick Way To Check if Your Benefits May Be Taxable.

Whether or not your Social Security income is taxable depends on your total income, including your Social Security plus any other income. Generally speaking, if your only income is Social Security, you probably don't make enough money to be required to file a federal tax return.

For those with additional sources of income, the key figure is the Modified Adjusted Gross Income (MAGI). The MAGI includes half of your Social Security, plus other sources of income. Once your MAGI exceeds the base amount for your filing status:

  • ($32,000 for Married Filing Jointly, otherwise $25,000), at least part of your Social Security income becomes taxable. 
  • The taxable portion of your Social Security income increases once you reach additional MAGI threshholds.


To determine if your Social Security income is taxable, all  you need to do is enter that income – See Where do I enter an SSA-1099, SSA-1099-SM, or SSA-1099-R-OP1? TurboTax does the rest!


 

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v