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July 20, 2020
Question

Do i post all of my SSA-1099 to my income or do I do notice 703 first?

  • July 20, 2020
  • 1 reply
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How do I figure what part of my SSA-1099 is taxable?

1 reply

VolvoGirl
Employee
July 20, 2020

Just enter the SSA-1099 box 5 into Turbo Tax.   It will calculate the taxable amount.

 

Try going to the search box upper right and type in SSA-1099 or Social Security Benefits. That will give you a Jump To link to take you directly to it.

OR
Enter a SSA-1099, SSA-1099-SM or RRB-1099 under
Federal
Wages and Income tab
Then scroll down to Retirement Plans and Social Security
Social Security (SSA-1099. RRB-1099) - click the Start or Update button

 

Social Security shows up on 1040 line 5a and the taxable amount on 5b.

 

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

 

You shouldn't use the 703 worksheet on the back of the SSA-1099. It can be complicated to figure out even though it looks simple. Turbo Tax figures it all out for you. When you enter 1/2 of your ss on line B it is not being subtracted from anything. It is being ADDED to ALL your other income to see if any of the ss will be taxable to you.

 

To see the Social Security Benefits Worksheet in the Online version you would have to save your return with all the worksheets to your computer. For the Desktop program you can switch to Forms Mode and look at it.