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Level 1

Question

Taxing retirement

Forum|Forum|5 years ago
March 27, 2021
2 replies
16 views

Before adding my wife's pension into pur taxes we were to get $3493 back. Upon entering her pension, with taxes taken out, we now owe $1,094. How can this jump so much. Everything is about the same as last year.

Can you help me?

Level 15

as soon as you enter a large pension, putting you over $150,000 AGI,

the EIP1 and EIP2 rebate that TurboTax starts you off with, disappears.

Level 15

When you enter one taxable transaction, you can't just watch the monitor. You increased your overall adjusted gross income and with that come many other changes in your return, not just the incremental tax on the one transaction. More income can make more of any Social Security taxable.