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ddgallip
Level 3
February 18, 2020
Question

AMOUNT OWED

  • February 18, 2020
  • 1 reply
  • 12 views

turbo tax states i owe $779.00 iras up to a certain amount are not taxable,  government pensions are not taxable likewise social security

how come i owe this amount

[name removed]

  

 

 

    1 reply

    KathrynG3
    KathrynG3
    Level 14
    February 18, 2020

    It depends. Your total income will determine whether social security is taxed and how much is taxed. TurboTax will automatically calculate this for you.

     

    Additional resources explaining why social security income is taxable:

     

    Options for paying income taxes in retirement:

    • See this Social Security resource if you want to withhold income taxes throughout the year from your social security checks.
    • Contact your broker if you would like a percentage withheld from your required minimum distributions.
    • This article explains: How do I make estimated payments?
    D
    ddgallipAuthor
    Level 3
    February 19, 2020

    I am talking about ny states rules-not the federal government's rules ny states social security is not taxed

    thanks

    [name removed]

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