Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
One online gives me good numbers maybe too good. They're only taxing me $5k on a total social security of $31400 (MFJ over 65). Shouldn't they be taxing me 50% of the $31400? Let's assume for the sake of argument that 50% number is right. Sounds like their software is off; however, they do have the standard deduction right at $27400.
Last edited by Rich Cabeza; 01-26-2021 at 10:37 AM..
Reason: typo
Turbo tax taxcaster is an app on android and apple. You can simply enter income and basic deductions and it will tell you your tax liability. Perfect for 1040 filers.
One online gives me good numbers maybe too good. They're only taxing me $5k on a total social security of $31400 (MFJ over 65). Shouldn't they be taxing me 50% of the $31400? Let's assume for the sake of argument that 50% number is right. Sounds like their software is off; however, they do have the standard deduction right at $27400.
The tax on social security retirement benefit is a sliding scale based on how much you earn above your social security benefit.
Use the social security worksheet on page 30 of the 1040 instructions:
I like the one at CreditKarma.com
I used it for 2019 and it came within $100 of my tax prep guy. I have been using his firm since 1980.
That things a joke. It doesn't take into consideration your age or where the income came from. Actually I got a number from Taxact which jived with a number from a friend who's a retired tax professor.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
