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February 10, 2023
Question

Form 8960 is not accurate how can I over ride?

  • February 10, 2023
  • 1 reply
  • 0 views
To calculate it is including Social Security and Pension disbursements as Investement income.

1 reply

SantinoD
February 10, 2023

Your social security income is included in your Modified Adjusted Gross Income which is subtracted from your Threshold amount.  The Net Investment Income Tax is not applied to the social security income.

 

If you checked, and it is actually adding the income and not subtracting, most likely you have entered your Social Security benefits in the wrong section. This is common to happen since SS benefits are reported on " SSA 1099" and most investment income is also reported on "1099-B, or 1099-S...etc". Easy to get them mixed up. 

 

First step would be to verify if you in fact put this is the wrong spot. In your TurboTax account, go to "Wages and Income" section. You should see all the income you have entered. If you see your SS benefit amount in "Investment and savings" section, you will need to delete that. Click the "Edit" button next to the amount like below:

 

At that point, you can delete the amount entered for SSA 1099 amount.