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January 24, 2021
Question

Can I still See if social security benefits are taxable even if Its for future

  • January 24, 2021
  • 1 reply
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Can I still See if social security benefits are taxable even if Its for future?

1 reply

January 24, 2021

If you only have Social Security income then most likely you Social Security benefits won't be taxable. But if you have other income then parts of your Social Security might become taxable.

 

Once your Modified Adjusted Gross Income (MAGI) exceeds the base amount for your filing status ($32,000 for Married Filing Jointly, otherwise $25,000) then up to 50% of your Social Security income becomes taxable. 

 

If your MAGI exceeds the amount of $44,000 if you are married filing jointly, otherwise $34,000, then up to 85% Social Security income becomes taxable.

 

TurboTax will calculate how much of your Social Security is taxable. You can see the taxable amount on line 6b of Form 1040. 

 

To preview Form 1040:

  1. Click on "Tax Tools" in the left menu
  2. Click "Tools"
  3. Click "View Tax Summary" in the Tool Center window
  4. Click on "Preview my 1040" on the left

 

 

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