Is Social Security Taxable?
Taxability depends on your other income.
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Your other income is the sum of:
• Wages (gross wages less 401K cont)
• Self-employment profit (sales-exp)
• Taxable Interest and dividends
• Tax EXEMPT interest (added in)
• Excluded foreign income (rare)
• Rental Profits (rents-exp-depreciation)
• Oil/Gas/Other Royalties
• Pensions or annuities
• K1 passthrough income
• Misc taxable income
Between 0% and 85% of your benefits will be included in taxable income, depending on a) your filing status b) the amount of income you have apart from social security and c) the amount of box 5 SSA benefits received. For joint returns, enter combined SSA benefits and other income for BOTH spouses.
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For MFS, 85% of your benefits are taxable. If you lived apart from your spouse all year, your benefits will be taxed as if you were single. Select that status instead.
Enter box 5 SSA benefits for both spouses
Enter Box 5 SSA benefits