topic How is 20b calculated at age 66 if I'm working and drawing SSI? in Retirement tax questions

How is 20b calculated at age 66 if I'm working and drawing SSI?

stevehoganson — Tue, 04 Jun 2019 19:48:37 GMT

I will gross approximately $48k from payroll income in addition to my SSI. I turned 66 in March, 2018. How will line 20b on the 1040 be calculated based on this information?

If you and your spouse file a joint return with a combine...

Texas Roger — Tue, 04 Jun 2019 19:48:39 GMT

If you and your spouse file a joint return with a combined income below $32,000, your SS benefits are not taxed. For income between $32,000 and $44,000, up to 50 percent of benefits may be taxable, and up to 85 percent if combined income is more than $44,000.

These are thresholds based on 1/2 of your SS income plus...

Texas Roger — Tue, 04 Jun 2019 19:48:40 GMT

These are thresholds based on 1/2 of your SS income plus all other taxable income and tax-exempt interest income from all sources.

By the way, you do not report ssi on your tax return. Or...

VolvoGirl — Tue, 04 Jun 2019 19:48:41 GMT

By the way, you do not report ssi on your tax return. Or did you mean regular SS or SSDI?

SSI actually stands for Supplemental Security Income not Social Security. You do not get a SSA-1099 for SSI. You do not report SSI at all.

And you must enter the full amount of your social securit...

Texas Roger — Tue, 04 Jun 2019 19:48:43 GMT

And you must enter the full amount of your social security benefits as shown on form SSA-1099 into TurboTax and the program will calculate the amount that is taxable based on all your other income entries.