Tax Calculation

Forum|Forum|3 years ago
December 18, 2022
2 replies
11 views

I entered approx. 80,000 in income: approx. & 5k on wife's W2, 58k on our SS, 5.5k pension, 12k IRA dist. I did have a small capital gain loss this year. No fed. tax was taken from any of the income. Turbo is showing a AGI of approx. 4k and a tax of $413. Can this be right? Took the std deduction. We are both 74 years in age.

VolvoGirl

Level 15

Did you get the right taxable amounts on the pension and IRA lines? You need to enter them from the 1099R forms you will get in January. They can be tricky to enter before you get the 1099R forms.

DoninGA

Level 15

The taxable amount of your Social Security benefits are limited.

Up to 85% of Social Security Retirement/Disability/Survivors benefits becomes taxable when all your other income plus 1/2 your social security reaches:

Married Filing Jointly - $32,000
Single or Head of Household - $25,000
Married Filing Separately - 0

VolvoGirl

Level 15

That could be right. You had 22.5k of income (not including ss). Looks like only a little of your ss is taxable. Your Standard Deduction is 28,700 leaving you a small taxable income. Is the 4K your AGI or taxable income?

Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:

Married Filing Jointly: $32,000

Single or head of household: $25,000

Married Filing Separately: 0

dougjohaAuthor

Level 2

Douglas Johansen <[email address removed]>

Mon, Dec 19, 1:51 PM (2 days ago)

to TurboTax

I am confused: You state Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:

Married Filing Jointly: $32,000. 1/2 os SS would be 29k plus wife's W2, Pension & IRA would put me over the $32k unless one of these is not considered income. That total would be approx 51k. Or when you say income is that after the std. deduction?

Dougjoha