turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Why does my tax return amount of $1981 go to owing $1839 when enter SS of $20,304. That is a tax of $3820 on my SS. All other info is enetered.

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Why does my tax return amount of $1981 go to owing $1839 when enter SS of $20,304. That is a tax of $3820 on my SS. All other info is enetered.

Very possible, depending on your other income as up to 85% of social security income is taxable.  If your marginal tax rate is 22% this would be correct.

View solution in original post

6 Replies
Ashby
New Member

Why does my tax return amount of $1981 go to owing $1839 when enter SS of $20,304. That is a tax of $3820 on my SS. All other info is enetered.

This is possible if you have substantial income outside of your SS. How much is your additional income?

Why does my tax return amount of $1981 go to owing $1839 when enter SS of $20,304. That is a tax of $3820 on my SS. All other info is enetered.

MFJ, approx $103, 000 before SS entered, and I had a refund showing of $1981, entered SS of 20,304 and now owe $1839
Ashby
New Member

Why does my tax return amount of $1981 go to owing $1839 when enter SS of $20,304. That is a tax of $3820 on my SS. All other info is enetered.

See @Zbucklyo answer below. You can be taxed on up to 85% of your SS income if you make substantial other income. Since you did not have taxes withheld, this is the amount of tax on your SS income that makes the difference from refund to liability.

Why does my tax return amount of $1981 go to owing $1839 when enter SS of $20,304. That is a tax of $3820 on my SS. All other info is enetered.

Also remember that any increase in income can also lower or eliminate some deductions and credits.

Why does my tax return amount of $1981 go to owing $1839 when enter SS of $20,304. That is a tax of $3820 on my SS. All other info is enetered.

Very possible, depending on your other income as up to 85% of social security income is taxable.  If your marginal tax rate is 22% this would be correct.

Ashby
New Member

Why does my tax return amount of $1981 go to owing $1839 when enter SS of $20,304. That is a tax of $3820 on my SS. All other info is enetered.

Answered in comments:

See @Zbucklyo answer below. You can be taxed on up to 85% of your SS income if you make substantial other income. Since you did not have taxes withheld, this is the amount of tax on your SS income that makes the difference from refund to liability.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies