Properly Calculate Tax Liability for Social Security Benefits
In the Tax Planner, all amounts assigned to the tax-related category "Form1040:Social Security income, self" show up as "Taxable Social Security Benefits". This is NOT CORRECT. Some or all social security payments are not taxable according to the IRS worksheet. In my case, this GROSSLY overstates my tax liability and indicates that I should send in quarterly estimated tax payments, WHEN IN FACT I WILL OWE NOTHING. Quicken should be fixed to properly calculate the tax liability for users receiving social security.
This discussion has been closed.