AMOUNT OWED

Forum|Forum|6 years ago
February 18, 2020
11 replies
26 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]

KathrynG3

Level 14

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:

This article explains: Is my Social Security income taxable?
See 2019 IRS Publication 554 page 12 for the formula the IRS uses to determine the tax.

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?

ddgallipAuthor

Level 3

no i asked for the total amount i owe you (turbo tax)-not the amount i owe new york

dale d, gallip

ps the amount i owe new york is not $779.00 but $452.00

ddgallipAuthor

Level 3

For NY, Social Security is not taxable. Pensions earnings are taxable. Page 18 of the NY instructions say:

If ... the pension or distribution amount was included in your federal AGI, enter any pension you received, or distributions made to you from a pension plan which represents a return of contributions in a year prior to retirement, as an officer, employee, or beneficiary of an officer or employee of:..

Page 19 states:

$20,000 limit – You may not take a pension and annuity income exclusion that exceeds $20,000, regardless of the source(s) of the income.

Depending on your income, you may have taxable NY income.

how much do i owe turbo tax

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