turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Social Security

I receive Social Security and I have it taxed at 7%. When I do my taxes it adds another $3000+ to my taxes owed which is an additional 12+%of what I received. Why should it affect it that way or am I doing something incorrectly?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Social Security

If you had federal income tax withheld from your social security benefits, you enter that withholding on your tax return when you enter the SSA-1099.  You are taxed on up to 85% of your social security income at your marginal tax rate whatever that rate is. If it's 12%, that is the rate you will be taxed on up to 85% of your social security income. You will get a credit on your tax return for the 7% withholding which is on 100% of your social security income.

Social Security

2019 1040 line 5b is the taxable part of Social Security.

 

Up to 85% of Social Security 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

 

To see the Social Security Benefits Calculation Worksheet  in Turbo Tax Online version you would have to save your return with all the worksheets to your computer.  Or if you are using the Desktop program you can switch to Forms Mode (click Forms in the upper right) and click on SS in the list on the left side.

 

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies