[Chat] [Discussion] taxes

[Stephen J Gewirtz]

Judy,

Social security is part of your income for federal tax purposes, but not 
all of it.  I downloaded last years instructions for form 1040 (I do not 
know whether this year's are available yet), and the worksheet is on 
page 26 of the instructions for form 1040. You can download the 
instructions from www.irs.gov, as well as the forms.  Depending on your 
other income, 50% to 85% of your social security will be in your 
adjusted gross income.

On the state income tax forms, you carry over your federal adjusted 
gross income, but the social security income is a subtraction.  Also, if 
you are 65 or older, you get a pension exclusion that reduces the amount 
of other pensions that are taxed.

Personally, I find it a lot easier to use Turbo Tax, but I used to do 
taxes by hand.  It is a lot of work.  The reason I downloaded the forms 
and instructions is that I wanted to estimate my taxes before I got all 
the tax statements from pensions, etc.

Steve

On 1/23/13 10:51 AM, jdy wrote:
> Is social security factored into one's yearly income for tax purposes? 
> I usually do my own taxes(long way), but this is the first yr with 
> social security income.
> Thnx   Judy
>
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