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Tax Planner - Compute taxable Social Security income
Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
edited November 2019 in Budgeting and Planning Tools (Windows)
Tax Planner doesn't calculate the taxable portion of Social Security income. It should. The following is from online help.
In the Taxable Social Security Benefits field, enter the appropriate value.
The Basic Rule. Up to 50% of Social Security benefits are taxable if total “provisional income” (adjusted gross income, tax-exempt interest and one half of Social Security benefits) exceeds a base amount: $25,000 for single taxpayers and $32,000 for married taxpayers filing jointly.
- The Second Tier. A second tier of income tax of up to 85% of Social Security benefits received kicks in (1) for single taxpayers with provisional income over $34,000, (2) for married taxpayers filing jointly with provisional income over $44,000, and (3) for all married taxpayers who file separate returns, but do not live apart.
- Currently, the Tax Planner doesn't automatically calculate the taxable portion of your Social Security benefits. As a result, your taxable income may be higher than expected. To compute your taxable Social Security benefits, please refer to the worksheet in your Form 1040 instructions or IRS Publication 915.
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