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IslandSue
Level 1

Social Security Benefits Worksheet

I completed my 2020 taxes on Turbo Tax through USAA.  I lost my job due to covid and collected unemployment.  I am also collecting Social Security.  My manual calculation of the taxable portion of Social Security is approximately 5,000 less than was calculated by Turbo Tax.  What is the correct amount?  

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Accepted Solutions
SteamTrain
Level 15

Social Security Benefits Worksheet

Its not the taxable part of your unemployment...it's all of your unemployment that is used.

 

IF you print out the Social Security Benefits Worksheet , you'll see what numbers that the software uses...but I don't know what line your unemployment income is added into that form.

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

View solution in original post

4 Replies
SteamTrain
Level 15

Social Security Benefits Worksheet

While a chunk of any unemployment is not included in taxable income anymore, it is still includable in your income for considering how much of your SS is taxable....did you do that?

 

https://ttlc.intuit.com/community/retirement/discussion/re-will-unemployment-compensation-exclusion-...

 

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
IslandSue
Level 1

Social Security Benefits Worksheet

yes, i did.  my earned income plus my taxable portion of unemployment is only $22,000. I also made a contribution to my IRA that would reduce my gross income.  I do not understand why Turbo Tax calculated that more than $7,000 of my Social Security is taxable.

SteamTrain
Level 15

Social Security Benefits Worksheet

Its not the taxable part of your unemployment...it's all of your unemployment that is used.

 

IF you print out the Social Security Benefits Worksheet , you'll see what numbers that the software uses...but I don't know what line your unemployment income is added into that form.

*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

View solution in original post

IslandSue
Level 1

Social Security Benefits Worksheet

I couldn't find the benefit worksheet in turbo tax.  I printed the worksheet from the irs and it appeared to indicate you could exclude a portion of unemployment in calculating income.  My bad.  Thank you for your help.

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