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Social security

BRYAN4
Level 2

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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11 Comments 11
sjrcpa
Level 15

It depends on the amount of other income.

Look at the worksheet. It's even included with  the 1099.

The more I know, the more I don't know.
BRYAN4
Level 2

There is no other income and no tax being charged…does that seem right?

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PhoebeRoberts
Level 11
Level 11

When you worked through the worksheet on the 1099, what did you come up with?

BobKamman
Level 15


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PATAX
Level 15

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.

abctax55
Level 15

IM UNDER THE IMPRESSION

Tell us please, where you obtained that 'impression' ?

HumanKind... Be Both
IRonMaN
Level 15

YouTube 🤣


Slava Ukraini!
BRYAN4
Level 2

that he owed taxes on 50% of it...hence why im here with my concern

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BRYAN4
Level 2

from the IRS website... Thanks for your great insight 

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PhoebeRoberts
Level 11
Level 11

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

BRYAN4
Level 2

got it... Its 1/2 of your benefits plus other income are greater than 25k.... Your help is appreciated!!!!