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We developed this worksheet for you to see if your benefits may be taxable for 2023. Fill in lines A through E. Do not use the worksheet below if any of the following apply to you; instead, go directly to IRS Pub. 915, Social Security and Equivalent Railroad Retirement Benefits. • You received Form RRB-1099, Form SSA-1042S, or Form RRB-1042S ...
This publication explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. It is prepared through the joint efforts of the IRS, the Social Security Administration (SSA), and the U.S. Railroad Retirement Board (RRB).
Complete this worksheet to see if any of your Social Security and/or SSI (supplemental security income) benefits may be taxable.
Worksheet to Determine if Benefits May Be Taxable A) Amount of Social Security or Railroad Retirement Benefits ..........................................................................
As your gross income increases, a higher percentage of your Social Security benefits become taxable, up to a maximum of 85% of your total benefits. The TaxAct ® program will automatically calculate the taxable amount of your Social Security income (if any).
Be sure you have read the Exception in the line 5a and 5b instructions to see if you can use this worksheet instead of a publication to find out if any of your benefits are taxable. Enter the total amount from box 5 of all your Forms SSA-1099 and Forms RRB-1099. Also, enter this amount on Form 1040, line 5a . . . . . 1.
v/ Don’t use this worksheet if you repaid benefits in 2022 and your total repayments (box 4 of Forms SSA-1099 and RRB-1099) were more than your gross benefits for 2022 (box 3 of Forms SSA-1099 and RRB-1099). None of your benefits are taxable for 2022. For more information, see "Repayments More Than Gross Benefits" in Pub 915.
Download a copy of your 1099 or 1042S tax form so you can report your Social Security income on your tax return. Your 2023 tax form will be available online on February 1, 2024. Most people get a copy in the mail.
Once you know your provisional income and your base amount, you can determine if any of your Social Security benefits are taxable. To do this, use the Social Security Benefits Worksheet. The worksheet will walk you through the calculations, and help you determine if any of your benefits are taxable. Step 5: Complete your tax return. Once you've ...
You can go through the 19 steps in the worksheet to calculate the amount of Social Security benefits that will be taxable but the worksheet isn’t the easiest to use. I made an online calculator that helps you calculate it much more quickly.