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Level 2
posted Oct 30, 2019 7:41:04 AM

Does Turbo Tax automatically calculate the 15% tax exempt portion of my US Social Security benefits or do I have to enter it somewhere?

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1 Best answer
Level 15
Oct 30, 2019 7:41:05 AM

Yes, TurboTax will do the calculation for the 15% exempt portion of your Social Security benefits. 

If you look at your Detailed Tax summary, you will see the entire amount entered in the Total Income section as Other Pensions - Line 115, then the exempt portion deducted in the Taxable Income section as Additional Deductions - Line 256.

It's important to enter in the correct box (Before 1996 or After 1995) in order to get the exemption you are entitled to.

1 Replies
Level 15
Oct 30, 2019 7:41:05 AM

Yes, TurboTax will do the calculation for the 15% exempt portion of your Social Security benefits. 

If you look at your Detailed Tax summary, you will see the entire amount entered in the Total Income section as Other Pensions - Line 115, then the exempt portion deducted in the Taxable Income section as Additional Deductions - Line 256.

It's important to enter in the correct box (Before 1996 or After 1995) in order to get the exemption you are entitled to.