Social security

Sue681 — Wed, 26 Jan 2022 19:12:04 GMT

My social security monthly benefit is $120.00 My monthly medicare bill is $148.00. My benefit is withheld and then I am billed once a year for the difference. Do I need to report ss income on my taxes?

Re: Social security

MayaD — Wed, 26 Jan 2022 19:28:35 GMT

It depends if you have any other income.

Whether or not your Social Security income is taxable depends on your total income, including your Social Security plus any other income. Generally speaking, if your only income is Social Security, you probably don't make enough money to be required to file a federal tax return.

If you have additional sources of income, enter all your information and TurboTax will automatically figure out whether you need to pay federal and/or state taxes on your Social Security income. Just enter your SSA-1099 information in TurboTax and we’ll let you know!

Once your MAGI (The MAGI includes half of your Social Security, plus other sources of income) exceeds the base amount for your filing status ($32,000 for Married Filing Jointly, otherwise $25,000), at least part of your Social Security income becomes taxable.

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Social security

Re: Social security