confusion about social security taxes.

Forum|Forum|2 years ago
February 10, 2024
1 reply
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This is our first year collecting social security...

We have $77K social security income, and about $10K income from RMDs...

But TurboTax (Deluxe) is showing no taxes due for the social security income... shouldn't that all be taxable?

Best answer by VolvoGirl

Up to 85% of Social Security 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

To see the Social Security Benefits Calculation Worksheet in Turbo Tax Online version you would have to save your return with all the worksheets to your computer. Or if you are using the Desktop CD/Download Software you can switch to Forms Mode (click Forms in the upper right) and click on SS in the list on the left side.

VolvoGirlAnswer

Employee

Up to 85% of Social Security 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

derelictAuthor

HAH!!!! That forms page is Perfect!! It tells me Exactly what is going on!!

Now I see what I was confused about: I had read the rules as "all of social security plus half of other income", but it is "half of social security plus all of other income", which is an utterly different beast, in our case!!

So the taxable SS benefits ended up being essentially inconsequential...

Thank you very much!!