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Social Security setup

How do I set up my Social Security payment in TurboTax Home and Business Windows?  Medicare is being deducted as well.

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4 Replies

Social Security setup

Click the Personal tab, click Personal Income, scroll down to the Retirement Plans and Social Security and click the Start button to the right of Social Security (SSA-1099, RRB-1099).

 

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dmertz
Level 15

Social Security setup

What do you mean by "Medicare is being deducted as well?"  Deducted from what?

 

[Edit:  I see that you may be asking about Social Security benefits being paid to you.  If so, see tagteam's answer and disregard mine.]

 

If you are self-employed, TurboTax prepares Schedule SE to determine your self-employment taxes and includes the amount in your overall tax liability determined on your individual tax return (Form 1040), so your self-employment tax liability is determined when you file.  To avoid quarterly underpayment of taxes, though, you likely will need to make estimated tax payments (Form 1040-ES) so that your overall tax liability for the year is covered.  If you used TurboTax to prepare your 2018 tax return, TurboTax would have offered the option to prepare Forms 1040-ES based on the projected income information you provide.  TurboTax does not provide any way to make the actual payment.  You either mail a check with Form 1040-ES or make a online payment, say, with IRS Direct Pay:

 

https://www.irs.gov/payments/direct-pay

 

If you are an employee who receives a W-2, your employer deducts Social Security an Medicare taxes from your pay and the employer pays these, generally with Form 941.

Social Security setup


@dmertz wrote:

What do you mean by "Medicare is being deducted as well?"  Deducted from what?


I was assuming (also based on the other question posited by this user) that Social Security payments are being received and Medicare Part B premiums are being deducted from those payments.

 

@gdahlin will have to post here again in order to clarify this issue.

Social Security setup

Yes, it's Medicare part B.  In reply to another post,  retirement benefits are not subject to self-employment tax, but my wife is still able to receive a housing allowance.  I think that she'll receive a 1099-R form, which won't show the housing allowance.  I'm trying to do this with Quicken Deluxe.  Thanks for the help!!

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