I had a deduction from my IRA which was required after I reached 75. Box 7 on my 1099-R says IRA/SEP/Simple. Last year I received all of that money, but this year I have to pay $514.00. What happened? As I stated above, I only increased income by $660.00
You'll need to sign in or create an account to connect with an expert.
The amount of social security that is taxable up to 85% is dependent on how much other taxable income you had. The taxable amount of your 1099-R in box 2a is considered when determining how much of your social security is taxable.
The amount of social security that is taxable up to 85% is dependent on how much other taxable income you had. The taxable amount of your 1099-R in box 2a is considered when determining how much of your social security is taxable.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
cafe457
New Member
nmk460
New Member
arhaak
New Member
20tflbtt20
New Member
MH05282015
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.