I received a SSA-1099 form about a week after I filed. Total net benefits for the year in that form were $13,868. It states that if I earn more than $25,000 in taxable wages, the income I received from Social Security is taxable.
I worked a full-time job about two thirds of the year, and I attempted to start a business to sell stuff online. In my 1040, adjusted gross income was at $16,147 but taxable income (line 43) has $5747. A lot of deductions because I basically lost money in my business.
If I count the adjusted gross income and the social security benefits, my yearly income is at $30,015. If I only count the taxable wages, my earnings are at $19,615.
Do I have to refile, and possibly pay more taxes?
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Yes, you will probably have to pay tax on some of your social security so you will have to amend your tax return. The amendment will be available soon, so check back at turbotax.com and please ask if you have questions when preparing.
https://ttlc.intuit.com/replies/3288565
Yes, you will probably have to pay tax on some of your social security so you will have to amend your tax return. The amendment will be available soon, so check back at turbotax.com and please ask if you have questions when preparing.
https://ttlc.intuit.com/replies/3288565
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