topic Is there a way to correctly enter Social Security benefits on turbotax when benefits were received & should be on Line 5a of 1040 SR & taxable amount is zero for Line 5b? in Retirement tax questions

Is there a way to correctly enter Social Security benefits on turbotax when benefits were received & should be on Line 5a of 1040 SR & taxable amount is zero for Line 5b?

heffehondo43 — Fri, 17 Jul 2020 20:49:34 GMT

On notice 703 form from Social Security, Line E amount is less than the $25,000 amount so entered zero for Social Security benefits on turbotax but concerned if this was correct or not for Fed and state?

Re: Is there a way to correctly enter Social Security benefits on turbotax when benefits were received & should be on Line 5a of 1040 SR & taxable amount is zero for Line 5b?

rjs — Fri, 17 Jul 2020 22:51:25 GMT

That is not correct. In TurboTax enter the amount from box 5 of Form SSA-1099. TurboTax will put that amount on Form 1040-SR line 5a, and will calculate the taxable amount on line 5b. The taxable amount of your Social Security depends on how much other income you have.

Re: Is there a way to correctly enter Social Security benefits on turbotax when benefits were received & should be on Line 5a of 1040 SR & taxable amount is zero for Line 5b?

Critter-3 — Fri, 17 Jul 2020 22:30:16 GMT

The worksheet you are looking at can be confusing especially if you are married ... review the SS taxability worksheet that prints with the return to see how it is computed.

Re: Is there a way to correctly enter Social Security benefits on turbotax when benefits were received & should be on Line 5a of 1040 SR & taxable amount is zero for Line 5b?

VolvoGirl — Fri, 17 Jul 2020 22:39:51 GMT

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.

When you enter 1/2 of your ss on line B it is not being subtracted from anything. It is being ADDED to ALL your other income to see if any of the ss will be taxable to you.

To see the Social Security Benefits Calculation Worksheet in Turbo Tax Online version you would have to save your return with all the worksheets to your computer. Or if you are using the Desktop CD/Download Software you can switch to Forms Mode (click Forms in the upper right) and click on SS in the list on the right side.

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