Taxable social security benefits

Forum|Forum|6 years ago
February 17, 2020
3 replies
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What would cause Social Security taxable amount increase from $7261 (2018 ) to $13044 (2019) total income the same except capital gains $4000.00 JimH2

Best answer by MinhT1

Your combined income which included capital gains has increased and this has increased the taxable portion of your social security benefits.

Please read this TurboTax blog on How Social Security Income is Taxed.

MinhT1Answer

Level 15

Your combined income which included capital gains has increased and this has increased the taxable portion of your social security benefits.

Please read this TurboTax blog on How Social Security Income is Taxed.

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mcox6405

Level 2

It was interest income (cashed some savings bonds), not capital gains, but taxed the same. Increased 999%.

rojuko99

Level 2

Similar question on Social Security taxable amount increase from $0 (2018 ) to $437 (2019) total income the same and under $25K.

Critter

Level 15

Same answer ... when 1/2 of the SS benefits + all your other income exceeds $25K then up to 85% of the SS benefits can be taxable ... save a PDF of the return WITH the worksheets to see how this was calculated.

read the link : https://blog.turbotax.intuit.com/income-and-investments/how-social-security-income-is-taxed-7676/

Found now

Level 2

The Adjusted gross income on my social security was put into my gross income my social security should not have been taxed I want to know if there is a difference in my return because of this

VolvoGirl

Level 15

@Found now There is no Adjusted Gross Income on the SSA-1099 Social Security. Yes part of your SS can be taxable.

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

You might be confused about this.........

There are 2 different things to know about social security. People get them mixed up all the time.

1. Your actual SS checks

If you are over full retirement age your actual ss checks won't be reduced. Otherwise they will actually reduce your payments if you make too much other income in the prior year. See SS FAQ for working after retirement

https://www.ssa.gov/planners/retire/whileworking.html

2. Income Tax

For any age 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