Tax Planner not calculating taxable SSA amount.

Philip107

I'm comparing TurboTax and Quicken's Tax Planner for 2023. Quicken includes all the SSA benefit earnings while TurboTax (IRS) only included 85% of them.

I notice that in the Tax Planner the title of the Other Income topic is "Taxable Social Security Bennefits" and the value there is actually the total of my benefits not 85%.

Am I transacting my SSA checks incorrectly? I created a category that is assigned to "Form 1040 , Social Security Income , Self" for Tax Reporting. This category gets the full amount of my SSA Check minus the Medicare Part D amount.

Also, TurboTax has a worksheet that it uses to come up with the 85% amount. I quess Quicken is not making those calculations.

Rocket J Squirrel

There is already an Idea thread about this. Please vote for it.

https://community.quicken.com/discussion/7854216/tax-planner-compute-taxable-social-security-income

Philip107

thanks, I voted, only 39 votes so far.

Jim_Harman

While we are waiting for Quicken to calculate the taxable amount, you can enter an adjustment in the Tax Planner to get to the correct amount.

For example, if your total income is such that 85% of your Social Security benefits will be taxable, you can calculate what your total benefit will be for the year and enter a negative adjustment for 15% of that. If for some reason your benefits change during the year, you would need to recalculate the adjustment.