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Why are they making the taxable amount of my social security 58% when last year the taxable amount was only 17%. I am still in the same tax bracket.

 
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Why are they making the taxable amount of my social security 58% when last year the taxable amount was only 17%. I am still in the same tax bracket.

The taxable amount of the SS benefits is based on the other income you have entered on your tax return.

 

Up to 85% of Social Security Retirement/Disability/Survivors benefits 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

Check your federal tax return Form 1040 on Lines 6a for the benefit amount and on 6b for the taxable amount

 

You can view your Form 1040 plus Schedules 1, 2 and 3 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

SharonD007
Employee Tax Expert

Why are they making the taxable amount of my social security 58% when last year the taxable amount was only 17%. I am still in the same tax bracket.

The taxable portion of your Social Security income depends on your total income and your filing status.  When your Modified Adjusted Gross Income (MAGI) exceeds the base amount for your filing status, some of your social security income is taxable. TurboTax calculates the taxable portion of your social security income when you enter all of your income.

 

Refer to the TurboTax Help articles How does receiving Social Security affect my taxes? and is my Social Security income taxable? For additional information.

 

 

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