topic That worked. Thanks so much!!! in Retirement tax questions

How can I see the taxable amount of my social security benefits that has been calculated in turbo tax?

rick-rox — Tue, 04 Jun 2019 19:39:20 GMT

How do I see the amount of taxable social security benefits that TurboTax calculates?

Click on Tax Tools on the left side of the screen. Click...

DoninGA — Tue, 04 Jun 2019 19:39:21 GMT

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.
Form 1040 Lines 20a and 20b, Form 1040A Lines 14a and 14b

It does not say preview my 1040. It throws up a review f...

rick-rox — Tue, 04 Jun 2019 19:39:23 GMT

It does not say preview my 1040. It throws up a review form when you click on view tax summary. The review does not show you your actual 1040.

It will not show you or actual 1040 until you pay. I wan...

rick-rox — Tue, 04 Jun 2019 19:39:24 GMT

It will not show you or actual 1040 until you pay. I want to see it before I pay the fees.

After you select View Tax Summary the link for Preview my...

DoninGA — Tue, 04 Jun 2019 19:39:26 GMT

After you select View Tax Summary the link for Preview my 1040 will be shown on the left side of the screen.

That worked. Thanks so much!!!

rick-rox — Tue, 04 Jun 2019 19:39:27 GMT

That worked. Thanks so much!!!

Total and taxable Social Security benefits are reported o...

DawnC0 — Tue, 04 Jun 2019 19:39:28 GMT

Total and taxable Social Security benefits are reported on Form 1040 on lines 20a and 20b, and on Form 1040A on lines 14a and 14b. See the video below if you would like to know how TurboTax calculated the taxable portion of your SS.

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.

For those with additional sources of income, the key figure is the Modified Adjusted Gross Income (MAGI). The MAGI includes half of your Social Security, plus other sources of income. Once your MAGI 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. The taxable portion of your Social Security income increases once you reach additional MAGI thresholds.

where do I find social security/medicare earnings on my turbo tax return?

bolinda — Thu, 14 Jul 2022 16:50:15 GMT

I have read previous posts that directs me to lines 20a and 20b on my return. There is only line 20 and it is blank. I don't know if this makes a difference, but I did file an amended return. Thank you

Re: where do I find social security/medicare earnings on my turbo tax return?

VolvoGirl — Thu, 14 Jul 2022 16:54:06 GMT

@bolinda You have added on to a very old post. Line numbers have changed. What year are you asking about? And what is your question?

For 2021 Social Security is on line 6a and any taxable amount on 6b.

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

Re: where do I find social security/medicare earnings on my turbo tax return?

bolinda — Thu, 14 Jul 2022 17:05:23 GMT

Thank you for your quick response. I am trying to find my 2021 social security/medicare earnings to see if the SSA has the correct amt. You are right, this was an old post I replied to. For further clarification my return is a 2021 1040 for seniors. Thank you.

Re: where do I find social security/medicare earnings on my turbo tax return?

NCperson — Thu, 14 Jul 2022 18:01:33 GMT

@bolinda - are you still working? your 'earnings' would be on your W-2...... is that what you are asking about?

what you received in Social Security payments would be on Form SSA-1099 and the payments on that form would end up on Line 6a. The taxable part, if any, would be on line 6b.

Re: where do I find social security/medicare earnings on my turbo tax return?

xmasbaby0 — Thu, 14 Jul 2022 20:42:35 GMT

@bolinda

TAX ON SOCIAL SECURITY

Up to 85% of your Social Security benefits can be taxable on your federal tax return. There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits. When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable.

What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit was $16,920 —for 2018 it was $17,040—for 2019 it was $17,640— for 2020 it is $18,240; for 2021 it is $18,960, (For 2022 it will be $19,560) After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.

To see how much of your Social Security was taxable, look at lines 6a and 6b of your 2021 Form 1040

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable

https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable

You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.

Some additional information: There are 13 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia. These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV

Re: where do I find social security/medicare earnings on my turbo tax return?

bolinda — Sun, 17 Jul 2022 18:37:10 GMT

Thanks. I think my question was not clear. I just want to where on my 2021 1040 for Seniors I can find the amount that social security considers my Taxed Social Security Earnings to be. I want to double check before I apply. I already know that it is just eared income.

Re: where do I find social security/medicare earnings on my turbo tax return?

bolinda — Sun, 17 Jul 2022 18:39:03 GMT

thanks

Re: where do I find social security/medicare earnings on my turbo tax return?

NCperson — Sun, 17 Jul 2022 18:40:10 GMT

@bolinda

Line 6a is your social security benefits and should match Form SSA-1099 that you received earlier this year

Line 6b is the taxable portion. Depending if you have other income, line 6b could be blank.

Re: where do I find social security/medicare earnings on my turbo tax return?

VolvoGirl — Sun, 17 Jul 2022 18:40:53 GMT

Unless you are asking about Social Security benefits you are receiving now (taxable amount will be on 1040 6b) the 1040 doesn't show it. Social Security wages are on your W2 box 3.

Re: where do I find social security/medicare earnings on my turbo tax return?

NCperson — Sun, 17 Jul 2022 18:42:55 GMT

@bolinda -we may still not be asnwering your question.

when you state "before I apply" ... apply for what?

Re: where do I find social security/medicare earnings on my turbo tax return?

bolinda — Sun, 17 Jul 2022 18:43:23 GMT

I should have said that I get 1099s only.

Re: where do I find social security/medicare earnings on my turbo tax return?

bolinda — Sun, 17 Jul 2022 18:44:00 GMT

thanks

Re: where do I find social security/medicare earnings on my turbo tax return?

bolinda — Sun, 17 Jul 2022 18:45:08 GMT

Sorry. Apply for Social Security.