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Level 2
posted Jul 28, 2020 4:08:26 AM

social security

I have taxes deducted from my social security checks. Why does claiming my social security add $3000 to my taxes owed?

 

0 1 146
1 Replies
Level 15
Jul 28, 2020 4:33:37 AM

Did you enter the Social Security Form SSA-1099 correctly in TurboTax?  The federal taxes withheld are entered on the same screen as the benefits received.

 

To enter Social Security benefits reported on form SSA-1099

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On Social Security (SSA-1099, RRB-1099), click the start or update button

Or enter ssa-1099 in the Search box located in the upper right of the program screen. Click on Jump to ssa-1099

 

Up to 85% of Social Security Retirement/Disability/Survivors benefits 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