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dbrown3121
New Member

Why am I being taxed on the full amount of social security retirement payment

Why am I being charged on all my social security enifit
1 Best answer

Accepted Solutions
AndreaG
New Member

Why am I being taxed on the full amount of social security retirement payment

You shouldnt be taxed on all of your social security benefits. However, the full amount of your benefits is still reported on your tax return. If you are filing Form 1040, your total benefits are reported on line 20A and ONLY the taxable portion of these benefits is reported on line 20B. If you are filing Form 1040A, your total benefits are reported on line14A and ONLY the taxable portion is reported on line 14B.

To review the entries on your Form 1040:

  • Log in to your Turbo Tax account
  • click on "take me to my return"
  • Click on "my account" tab at the very top of the screen
  • Click on "tools"
  • Click on "view tax summary"
  • Click on "preview my 1040". This is part of a narrow white bar at the very top of the screen
  • When your 1040 form appears, you will be able to scroll through and look at the individual line items.
  • Click the "back" button when you want to return to your main Turbo Tax screen. The back button is part of a narrow white bar at the very top of the screen.

Generally up to 50% of your benefits will be taxable. However, up to 85% of your benefits can be taxable if the total of one half of your benefits and all your other income is more than $34,000 ($44,00 if you are married filing jointly) OR if you are married filing separately and lived with your spouse at any time during 2016.

Please refer to the following FAQ to learn more. https://ttlc.intuit.com/replies/3299920

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1 Reply
AndreaG
New Member

Why am I being taxed on the full amount of social security retirement payment

You shouldnt be taxed on all of your social security benefits. However, the full amount of your benefits is still reported on your tax return. If you are filing Form 1040, your total benefits are reported on line 20A and ONLY the taxable portion of these benefits is reported on line 20B. If you are filing Form 1040A, your total benefits are reported on line14A and ONLY the taxable portion is reported on line 14B.

To review the entries on your Form 1040:

  • Log in to your Turbo Tax account
  • click on "take me to my return"
  • Click on "my account" tab at the very top of the screen
  • Click on "tools"
  • Click on "view tax summary"
  • Click on "preview my 1040". This is part of a narrow white bar at the very top of the screen
  • When your 1040 form appears, you will be able to scroll through and look at the individual line items.
  • Click the "back" button when you want to return to your main Turbo Tax screen. The back button is part of a narrow white bar at the very top of the screen.

Generally up to 50% of your benefits will be taxable. However, up to 85% of your benefits can be taxable if the total of one half of your benefits and all your other income is more than $34,000 ($44,00 if you are married filing jointly) OR if you are married filing separately and lived with your spouse at any time during 2016.

Please refer to the following FAQ to learn more. https://ttlc.intuit.com/replies/3299920

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