topic When TurboTax was coming to a conclusion some how you gave me an income of $73,896 and I am a widow on SS and a pension that is $14,549 or $1,212.42 a month? in Retirement tax questions

When TurboTax was coming to a conclusion some how you gave me an income of $73,896 and I am a widow on SS and a pension that is $14,549 or $1,212.42 a month?

11fox — Sat, 13 Mar 2021 17:08:23 GMT

What details would you like?

Re: When TurboTax was coming to a conclusion some how you gave me an income of $73,896 and I am a widow on SS and a pension that is $14,549 or $1,212.42 a month?

SweetieJean — Sat, 13 Mar 2021 22:15:54 GMT

Be sure you didn't make a data entry mistake, such as comma v. a decimal, when you entered the SSA-1099 and 1099-R forms.

Re: When TurboTax was coming to a conclusion some how you gave me an income of $73,896 and I am a widow on SS and a pension that is $14,549 or $1,212.42 a month?

SweetieJean — Sat, 13 Mar 2021 22:17:37 GMT

I also note that you are using TT Premier. That is a high level program, and used for those that have forms such as 1099-B, K-1; or rental income. Do you have any of those?

Re: When TurboTax was coming to a conclusion some how you gave me an income of $73,896 and I am a widow on SS and a pension that is $14,549 or $1,212.42 a month?

11fox — Fri, 19 Mar 2021 12:50:31 GMT

Yes, I am a member of a stock club and each member receives a K-1 at the end of the year. The IRS views the stock club as a partnership.

Re: When TurboTax was coming to a conclusion some how you gave me an income of $73,896 and I am a...

JamesG1 — Sun, 21 Mar 2021 20:49:45 GMT

On the partnership K-1, what numbers are reported in boxes 1 through 11? And boxes 12 through 20? Please clarify.

If the income of $73,896 is correct, as much as 85% of the Social Security is likely considered taxable income. See this IRS FAQ.