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I amended my 2015 return to add only Social Security Benefits. How could I go from a $3000 reund to $7000 due? Total SS benefits added to income are $44500
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I amended my 2015 return to add only Social Security Benefits. How could I go from a $3000 reund to $7000 due? Total SS benefits added to income are $44500
Did you already receive the $3000 refund?
0-85% of your Social Security benefits are taxable, depending upon your other income. And any increase in income can also lower certain deductions and credits.
44,500 x .85 = 37,825 which is the maximum added to your taxable income.
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I amended my 2015 return to add only Social Security Benefits. How could I go from a $3000 reund to $7000 due? Total SS benefits added to income are $44500
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I amended my 2015 return to add only Social Security Benefits. How could I go from a $3000 reund to $7000 due? Total SS benefits added to income are $44500
The increased income would have also effected credits & deductions.
If you had already filed the return then you should not have gotten the $3K refund you should have owed $4K so you have to pay back the $3K plus the $4K that you should have owed if that SS income was entered on the original retrurn.
If you had already filed the return then you should not have gotten the $3K refund you should have owed $4K so you have to pay back the $3K plus the $4K that you should have owed if that SS income was entered on the original retrurn.
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I amended my 2015 return to add only Social Security Benefits. How could I go from a $3000 reund to $7000 due? Total SS benefits added to income are $44500
Right, and $7,000 divided by 37,825 is 18%.
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