Depending on your other income, this is probably correct. Line 20a reports the total amount of your social security benefits, and Line 20b reports how much of those benefits were taxable.
Generally, if your only income is Social Security, you probably don't make enough money to be required to file a federal tax return.
If your Modified Adjusted Gross Income, or MAGI (which includes Social Security) is less than the base amount for your filing status ($32,000 for Married Filing Jointly, otherwise $25,000), your Social Security isn't taxable either. Once your MAGI exceeds those amounts, at least part of your Social Security becomes taxable.
Depending on your other income, this is probably correct. Line 20a reports the total amount of your social security benefits, and Line 20b reports how much of those benefits were taxable.
Generally, if your only income is Social Security, you probably don't make enough money to be required to file a federal tax return.
If your Modified Adjusted Gross Income, or MAGI (which includes Social Security) is less than the base amount for your filing status ($32,000 for Married Filing Jointly, otherwise $25,000), your Social Security isn't taxable either. Once your MAGI exceeds those amounts, at least part of your Social Security becomes taxable.
How much of the excess over $32000.00 is the taxable amount?
@Mojito11 wrote:
How to arrive to amount for line 20b
The answer was for a 2017 or prior tax year return, not for tax year 2020.
On a 2020 Federal tax return Form 1040 the Social Security benefits received are on Line 6a and the taxable amount (if any) is on Line 6b.
Up to 85% of Social Security Retirement/Disability/Survivors benefits becomes taxable when all your other income plus 1/2 your social security reaches:
However, if the Social Security benefits are the Only income to be reported on the tax return, then there is no reason or need to file a tax return.