Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:
Married Filing Jointly: $32,000
Single or head of household: $25,000
Married Filing Separately: 0
To see the Social Security Benefits Calculation Worksheet in Turbo Tax Online version you would have to save your return with all the worksheets to your computer. Or if you are using the Desktop CD/Download Software you can switch to Forms Mode (click Forms in the upper right) and click on SS in the list on the right side.
Social Security is taxed based on your other income so I can't give specific amounts but listed below are how those benefits are taxed.
Not everyone has to pay taxes on their Social Security benefits. To see if your Social Security will be taxed, you have to look at your combined income and your marital status. “Combined income” in relation to social security income is Adjusted Gross Income plus nontaxable interest plus 1/2 of social security benefits.
- If you’re single and your total combined income for the year is between $25,000 and $34,000, then up to 50% of your benefits can be taxed.
- If you’re single and your total combined income for the year is greater than $34,000, then up to 85% of your benefits can be taxed.
- If you’re married filing jointly and your total combined income for the year is between $32,000 and $44,000, then up to 50% of your benefits can be taxed.
- If you’re married filing jointly and your total combined income for the year is greater than $44,000, then up to 85% of your benefits can be taxed.
-follow this link for additional information-
Thank you Volvo Girl,
You can do this online, using all your relevant data to see if you get the same results as TurboTax.
The problem is that we in the Community cannot see your private tax data, and you have no way of knowing which of the 1,001 details that make a difference are important, so rather than us playing 20 questions until we guess what the issue is - use the IRS Interactive Assistant to see if it gives you the same answer as TurboTax.
If it doesn't, then please come back and tell us, but if it does, then you can feel comfortable that TurboTax is doing it correctly, and that you will be able to see the calculation on the Social Security Benefits Worksheet when you finish your return and pay for it.
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Why did you subtract the 25,000? It just means if the total on line E is more than 25,000 then some of it is taxable. Did you see the worksheet Turbo Tax filled out?
You should not use the worksheet on the back of the SSA-1099. It can be complicated to figure out even though it looks simple. Turbo Tax figures it all out for you.
When you enter 1/2 of your ss on line B it is not being subtracted from anything. It is being ADDED to ALL your other income to see if any of the ss will be taxable to you.