Social Security Entry

[misenko]

I finished entering all of the data for my return.  On the "Your income" summary page, it lists my Social Security amount as $59,872.00, which is correct.  However, on a later page which referencing my refund, it lists my "Taxable Social Security benefits" as $10,333.  Why such a large difference?????  Is this correct???

[MayaD]

The taxable amount of your Social Security income depends on your total income, including your Social Security plus any other income. 

For taxpayers with additional sources of income, the key figure is the Modified Adjusted Gross Income (MAGI). The MAGI includes half of your Social Security, plus other sources of income. Once your MAGI exceeds the base amount for your filing status :

$32,000 for Married Filing Jointly or

$25,000 for all others, at least part of your Social Security income becomes taxable. The taxable portion of your Social Security income increases once you reach additional MAGI thresholds.

When you enter your information, TurboTax calculates the taxable amount.