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Social Security & RR Retirement Tier 1 (Blue Form)

4491-14 Income - Social Security Benefits v11.0 VO.pptx. Social Security & RR Retirement Tier 1 (Blue Form). Form 1040 Line 20 Pub 4012 Tab 2 Pub 17 Chapter 11. Tax on Social Security benefits. Up to 85% of benefits can be taxable

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Social Security & RR Retirement Tier 1 (Blue Form)

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  1. 4491-14 Income - Social Security Benefits v11.0 VO.pptx Social Security &RR Retirement Tier 1 (Blue Form) Form 1040 Line 20 Pub 4012 Tab 2 Pub 17 Chapter 11 Tax Law Training (NJ) TY2011 v11.0

  2. Tax on Social Security benefits • Up to 85% of benefits can be taxable • May be taxable if one-half of social security plus all other income (including tax-exempt interest) is greater than: • $32,000 MFJ • $25,000 single, HOH or qualified widow • $25,000 MFS/lived apart all year • $0 MFS/lived together any part of year • TaxWise calculates taxable amount Tax Law Training (NJ) TY2011 v11.0

  3. Tax Law Training (NJ) TY2011 v11.0

  4. SS & RR Tier 1 Tax Wise 1040 Income Worksheet 1 Tax Law Training (NJ) TY2011 v11.0

  5. Tax on RR Retirement Tier 1 • Railroad Retirement Tier 1 – Blue Form (Pub 915) • RRB-1099 • Same Rules as Social Security Tax Law Training (NJ) TY2011 v11.0

  6. Social Security & Equivalent Railroad Retirement Benefits Tax Law Training (NJ) TY2011 v11.0

  7. FOREIGN OLD AGE PAYMENTS • Old age payments from Canada and Germany • By treaty are added to/treated as Social Security (Pub 115) • Taxpayer must have converted amount into US dollars (bank statement shows) • Not pensions Tax Law Training (NJ) TY2011 v11.0

  8. Lump Sum Social Security Payments For Prior Years • SSA-1099A, Box 3 • To be handled only by counselors trained in Lump Sum Social Security Payments Tax Law Training (NJ) TY2011 v11.0

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