social security

Forum|Forum|2 years ago
February 4, 2024
2 replies
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Why is Turbo tax saying that my social security benefits are at a higher taxable amount than last year?

DoninGA

Employee

Up to 85% of Social Security Retirement/Disability/Survivors benefits 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

VolvoGirl

Employee

You must have had more other income this year.

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

Hal_Al

Employee

Social security (SS) only becomes taxable when added to sufficient other income. If you are otherwise required to file a tax return, you do need to enter it in Turbotax (TT). TT will determine the taxable portion.

For the first $9,000 (12,000 MFJ) of income, only 50% of your SS is taxed. After that 85% is taxed. And gradually the 50% taxed is replaced with the 85%. See IRS Publication 915. So, if your income increased this year, more of your SS gets taxed. When TT prints out your return, it will provide you with the IRS social security worksheet showing you how the taxable amount was calculated. See the worksheet at page 9 at

https://www.irs.gov/pub/irs-pdf/p915.pdf