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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