Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

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

cancel
Showing results for 
Search instead for 
Did you mean: 
shannonlafranchi
New Member

W2 wages of 75930.00 and ssa-1099 payments of 29106.00 increased federal taxes due by 6000.00. is that correct?

 
1 Best answer

Accepted Solutions
Zbucklyo
Level 9

W2 wages of 75930.00 and ssa-1099 payments of 29106.00 increased federal taxes due by 6000.00. is that correct?

It certainly could be, depending on your filing status.  In this example, 85% of the social security benefit would be taxable, and if you are in a 25% marginal bracket, to first order the federal tax increase would be $6,185.

View solution in original post

1 Reply
Zbucklyo
Level 9

W2 wages of 75930.00 and ssa-1099 payments of 29106.00 increased federal taxes due by 6000.00. is that correct?

It certainly could be, depending on your filing status.  In this example, 85% of the social security benefit would be taxable, and if you are in a 25% marginal bracket, to first order the federal tax increase would be $6,185.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v