Taxable social security benefits

[JimH2]

What would cause Social Security taxable amount increase from $7261  (2018 ) to $13044 (2019)  total income the same except capital gains $4000.00 JimH2

[MinhT1 · Accepted solution]

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.

[rojuko99]

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

[Critter]

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/

[mcox6405]

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

[Found now]

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

[Found now]

I received some money out of my IRA  ACCOUNT  but thay took out the intrest.

[VolvoGirl]

@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

[VolvoGirl]

@Found now  

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@Found now wrote:

I received some money out of my IRA  ACCOUNT  but thay took out the intrest.

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I don't understand.  You mean they took out tax withholding?  You need to enter the 1099R.  And the extra IRA income can make some of your Social Security taxable.

Enter a 1099R under

Federal Taxes Tab or Personal (Home & Business)

Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

There are 4 boxes.  Be sure to pick the right box for the kind of 1099R you got.

If you are filing a Joint return be sure to pick which person it is for.