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Do you pay for penalties when the calculation was wrong

The calculation for Social  security tax was wrong
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8 Replies

Do you pay for penalties when the calculation was wrong

Are you saying the IRS changed the amount of taxable Social Security on your tax return?

Did the IRS change anything else on your tax return?  If so, THAT is why the amount of taxable Social Security was changed.

Do you pay for penalties when the calculation was wrong

If the IRS says more of your SS is taxable it might be because they changed and increased some other income on your return.  Read the letter again.  A common change is they increased the taxable amount of any 1099R you got for Pensions, and 401k or IRA withdrawals or conversions.

 And if you reported your pension or IRA on the wrong line the IRS will miss it and say you didn't report it.  I would check for those.  IRAs go on 1040 line 15 (1040A line 11) and Pensions and 401k go on 1040 line 16 (1040A line 12).

Do you pay for penalties when the calculation was wrong

The irs changed the amount of taxable social security that was calculated with turbo tax. That was the only change in our tax return.

Do you pay for penalties when the calculation was wrong

When you entered your social security benefit in TurboTax, did you enter the full amount from box 5 of your SSA-1099 in TurboTax? Some filers think they need to calculate the taxable amount and enter that into TurboTax. TurboTax does the calculation based on the full amount and the total amount of other income.

Do you pay for penalties when the calculation was wrong

Did you make a data entry error when keying in the SSA-1099?

Do you pay for penalties when the calculation was wrong

My numbers all coincided with the irs. I spent an hour on the phone with the and that was the only change in our tax return. The calculation was off by$5000.

Do you pay for penalties when the calculation was wrong

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Do you pay for penalties when the calculation was wrong

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