I am trying to understand what my taxable amount is from social security. I went through the TurboTax worksheet for social security but that just caused more confusion so I went directly to the IRS worksheets in 915. Going through the IRS 915 Worksheet A, I was directed to go to IRS 915 Worksheet 1 (married filing jointly with $32,000 as the base amount). This is what was expected and exactly what TurboTax had done.
In Worksheet 1, I started following the steps and was getting the expected answers exactly as TurboTax had done until I got to step 7 in Worksheet 1 which says
| 7. | Enter the total of the amounts from Schedule 1 (Form 1040), lines 11 through 20, and 23 and 25 |
TurboTax has this value as $0 in its worksheet. I have a lots of numbers in these lines; some being added together; some being substracted and then added together - but out of all the many ways I tried to calculate this value, I could not get $0.
How should this instruction be read? Or better yet, how did TurboTax calculate this number?
You'll need to sign in or create an account to connect with an expert.
To clarify, what line in the worksheet does 0 appear and are you trying to determine what the taxable amount is? If you entered the social security information in your return together with all your other income, you can go to tax tools>tools>view tax summary.
Select preview my 1040 on the left side of your screen and look at what is on line 6B on your 1040 to see what your taxable social security income is. Use this method if you are in the online version of turbo Tax. if you are in the desktop version, select forms and look on your 1040 Box 6B.
A rule of thumb is take one half of your Social Security benefits and add that amount to all your other income, including tax-exempt interest. If this amount is between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits. Over $34,000, it may be 85% of your benefits.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Soccer1303
Level 1
gthorne8
New Member
jsefler
New Member
jeannettebiddle3106
Level 2
gciriani
Level 2