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New Member

Social security benefits

I received my ssa 1099 and there is no federal tax withheld. How do I determine the taxable amount? I’m 66 years old, retired and living in West Virginia. I tried filing thru turbo tax and I think there’s a mistake

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Level 12

Social security benefits

Turbotax calculates the taxable amount automatically based on your AGI. 

Level 15

Social security benefits

No mistake - thank Ronald Reagan for tax on Social Security benefits.

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Level 15

Social security benefits

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 is $16,920 —for 2018 it will be $17,040—for 2019 it will be $17,640)  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 5a and 5b of your Form 1040

 

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**