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My client received SCOIAL SECURITY RECEIVED $28,237 FOR A SINGLE PERSON. THERE ARE NOT BEING CHARGED TAX PER INTUIT IM UNDER THE IMPRESSION ANYTHING RECEIVED OVER 25000 IS TAXED AT 50%
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There is no other income and no tax being charged…does that seem right?
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When you worked through the worksheet on the 1099, what did you come up with?
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You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.
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Look at the Social Security benefits worksheet. You basically: Take one half of the amount from box 5 of Social Security. To that you add the other applicable gross income amounts, that's line three. Then look at line four on that worksheet, but for most it is empty on that line. Add lines two, three, and four, that's line five. If that total amount is under $25k, then there is no federal income tax assessed on the Social Security income. Look in your quickfinder or taxbook if you have it.
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that he owed taxes on 50% of it...hence why im here with my concern
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from the IRS website... Thanks for your great insight
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Like this page? https://www.irs.gov/faqs/social-security-income
Your benefits may be taxable if the total of (1) one-half of your benefits, plus (2) all of your other income, including tax-exempt interest, is greater than the base amount for your filing status.
The base amount for your filing status is:
$25,000 if you're single