I had a deduction from my IRA which was required after I reached 75. Box 7 on my 1099-R says IRA/SEP/Simple. Last year I received all of that money, but this year I have to pay $514.00. What happened? As I stated above, I only increased income by $660.00
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The amount of social security that is taxable up to 85% is dependent on how much other taxable income you had. The taxable amount of your 1099-R in box 2a is considered when determining how much of your social security is taxable.
The amount of social security that is taxable up to 85% is dependent on how much other taxable income you had. The taxable amount of your 1099-R in box 2a is considered when determining how much of your social security is taxable.
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