New Form 1040

[Jasonshi9]

Hello


I am confused with new form 1040, Line 5a & 5b. I am single, no dependent, receiving $10K from SSA benefit. I think I need enter number from Box 5 of form SSA-1099 on Line 5a, but what number will be on Line “5b” (Taxable Social Security benefit). More importantly, if I do not have other incomes & adjustments, what will be my Federal AGI ? can anyone help me please ?


Thanks

[NCperson]

just let TT guide you ; trust its results

if your sole source of income is that $10k SS payment, why are you filing a tax return?   

please read this link.

https://turbotax.intuit.com/tax-tips/irs-tax-return/does-everyone-need-to-file-an-income-tax-return/...

For 2018, all taxpayers are eligible to claim a standard deduction, and if not the dependent of another taxpayer. The standard tax deduction amounts are fixed by the government before the tax filing season and generally increase for inflation each year.

Your income that is equal to or less than the standard deduction is not taxable, the IRS doesn't require you to file a return in years your income doesn't exceed that sum

[Jasonshi9]

Thanks for your help, NCperson. I do not focus whether I should file tax return or not. My concern remains 1) as a single (no dependent), if my sole source of income is $10K SSA benefit, what number should I enter into Form 1040 line “5b” (taxable social security benefit) ?

2) if $10k SSA payment is my ONLY source of income + I do NOT have any adjustments, what will be my Federal AGI (adjusted Gross Income) ?


Thanks again

[NCperson]

1) please refer to the worksheet on Page 4 of the link below 

https://www.irs.gov/pub/irs-pdf/p915.pdf 

once completed, you can determine the answer to your 2nd question.......

2) please see line 7 of Form 1040.  AGI = 'adjusted gross income'