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My Social Security Income only increased by $660.00 last year; however my taxes due on SSI increased by $500.00???

Forum|Forum|7 years ago
June 3, 2019
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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

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Best answer by Texas Roger

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.

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Texas RogerAnswer

Employee

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.

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vmcintyre25Author

You are calculating as my distribution is an early withdrawal. It is not. I have the necessary amount sent to me monthly. Any extra distribution I request has a 10% withholding I requested.