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Employee
January 19, 2025
Question

Social Security

  • January 19, 2025
  • 2 replies
  • 0 views

Why on my 2024 Turbo Tax it says I have to pay taxes on my Social Security and I didn't have to pay any on my 2023?  The amounts were comparable the same

    2 replies

    DoninGA
    Employee
    January 19, 2025

    Social Security benefits become taxable based on the total amount of your taxable income.

     

    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

    January 19, 2025

    Social Security income may be partially taxable depending on your filing status and the level of your combined income, including Social Security income.

     

    TurboTax will automatically calculate the taxable part of your Social Security income using the IRS formula.

     

    Please read this TurboTax blog on the taxation of Social Security benefits.

     

    Also read Champ @DoninGA's above.

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