topic Widow benefits what to report in Get your taxes done using TurboTax

Widow benefits what to report

gibsonhere2020 — Mon, 27 Jan 2025 17:24:32 GMT

I'm fairly new to this benefit I got a form SSA-1099-SM. I completed the form and it came out box 5 had 6,635 I did the multiply by.05 $3,317

I added box B,C &D it came out $331.75

Do I put the $6,635 for net benefits or do I put the $ 3,317 ?

Since all the $6,635 isn't taxable I'm confused

Re: Widow benefits what to report

DoninGA — Mon, 27 Jan 2025 17:27:35 GMT

On the Form SSA-1099 you only enter on your tax return the amount that is shown in box 5. No more, no less.

To enter Social Security benefits reported on form SSA-1099

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On Social Security (SSA-1099, RRB-1099), click the start or update button

Or enter ssa-1099 in the Search box located in the upper right of the program screen. Click on Jump to ssa-1099

Re: Widow benefits what to report

MinhT1 — Mon, 27 Jan 2025 17:27:42 GMT

You should enter in TurboTax the full $6,635 in box 5, and TurboTax will automatically calculate the taxable portion.

Social Security income may be partially taxable depending on your filing status and the level of your combined income, including Social Security income.

TurboTax will automatically calculate the taxable part of your Social Security income using the IRS formula.

Please read this TurboTax blog on the taxation of Social Security benefits.

Re: Widow benefits what to report

xmasbaby0 — Mon, 27 Jan 2025 17:30:59 GMT

This is new to you. Enter the SSA1099 as it appears. You do not have to do any calculations. The software takes care of all of the calculations. When you look at your Form 1040, lines 6a and 6b will show how much SS you received and how much (if any) of the SS was taxable.

Preview your 1040

https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr

Re: Widow benefits what to report

VolvoGirl — Mon, 27 Jan 2025 17:32:12 GMT

What form did you complete? The form on the back of the SSA-1099 Notice 703? You should not use the worksheet on the back of the SSA-1099. It can be complicated to figure out even though it looks simple. Turbo Tax figures it all out for you.

Just enter the amount on the actual SSA-1099 box 5.

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