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May 5, 2021
Question

Do i have to report social security income on my tax returns?

  • May 5, 2021
  • 2 replies
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do i have to report social security income on my 2020 tax returns

2 replies

Employee
May 5, 2021

You have to report those payments if you have other income which would make social security payments taxable. TurboTax will calculate that automatically. 

Employee
May 5, 2021

If Social Security is your ONLY income you do not even need to file a tax return.   But if you are receiving Social Security and have other income as well, then you do have to enter the SSA1099 on your tax return.  Your Social Security might be taxable, depending on how much other income you received.

 

 

 Go to Federal> Wages & Income>>Retirement Plans and Social Security  (SSA1099 and 1099RRB) to enter your SSA1099.

 

 

TAX ON SOCIAL SECURITY

 

Up to 85% of your Social Security benefits can be taxable on your federal tax return.  There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits.  When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable. 

 What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit was $16,920 —for 2018 it will be $17,040—for 2019 it will be $17,640— for 2020 it will be $18,240)  After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.

To see how much of your Social Security was taxable, look at lines 6a and 6b of your 2020 Form 1040

 

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable

 

https://www.irs.gov/help/ita/are-my-social-security-or-railroad-retirement-tier-i-benefits-taxable

 

You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.

 

 

 

Some additional information:  There are 13 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.  These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
March 6, 2022

where do I report social security income and income from qualified retirement accounts?

February 10, 2022

I forgot to add my husband's social security income to my tax return, what can I do, its already filed.

 

DoninGA
Employee
February 10, 2022

@ladyryleigh01 wrote:

I forgot to add my husband's social security income to my tax return, what can I do, its already filed.

 


You will have to amend the 2021 tax return that was filed to add the SS benefits reported on the SSA-1099

 

An amended return, Form 1040-X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 16 weeks or longer to process an amended tax return.


Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.


The federal amended tax return, Form 1040-X, for tax year 2021 is estimated to be available in TurboTax on 03/17/2022

February 10, 2022

What do I do if the return was e-filed?