Question

Why did Turbo Tax change the numbers I entered for Social Security Benefits? What is the formula used to do this ?

Forum|Forum|5 years ago
July 14, 2020
1 reply
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I submitted Social Security Benefits of $21,100. Turbo Tax changed it to $17,935. Why ? What is the formula for doing this?

TurboTax Free Edition Online

A

AnnetteB6

Social Security benefits are normally taxed at a maximum of 85% on your Federal return, unless you are using the Married Filing Separate filing status.

The number being taxed on your return, $17,935, is 85% of the total Social Security benefits you entered.

Here is a link to the Social Security Administration web site that will give you some good information about what amount of your Social Security benefits may be taxable: Benefits Planner - Income Taxes and your Social Security Benefit

@-mrhappy

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