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Level 2
posted Aug 3, 2019 8:22:44 AM

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
Level 15
Aug 3, 2019 8:44:40 AM

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).

 

 

Level 15
Aug 3, 2019 8:55:51 AM

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.

Level 15
Aug 3, 2019 9:01:29 AM


@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.

Level 2
Aug 3, 2019 10:50:15 AM

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!!