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Posted by Harry Thompson on February 6, 2007, 10:36 pm
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In doing my taxes for 2006 with TaxAct, I learn to my horror
that our (married, filing jointly) taxable social security
income is double that of 2005.
What happened?
I did have a larger capital gain (12,000 vs 2,000). Is that
why? Or did I miss something?
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<< that may be imposed upon the taxpayer. >>
<< >>
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Posted by Rich Carreiro on February 7, 2007, 8:26 pm
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> In doing my taxes for 2006 with TaxAct, I learn to my horror
> that our (married, filing jointly) taxable social security
> income is double that of 2005.
>
> What happened?
>
> I did have a larger capital gain (12,000 vs 2,000). Is that
> why?
Yep.
TaxACT has the equivalent of the paper version of the
Taxable SS Worksheet. See what it shows, then pull up last
year's return in TA2005 and see what the worksheet shows
there, if you want to see the details.
--
Rich Carreiro rlcarr@animato.arlington.ma.us
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Harry Thompson on February 9, 2007, 12:49 am
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>> In doing my taxes for 2006 with TaxAct, I learn to my horror
>> that our (married, filing jointly) taxable social security
>> income is double that of 2005.
>>
>> What happened?
>>
>> I did have a larger capital gain (12,000 vs 2,000). Is that
>> why?
> Yep.
>
> TaxACT has the equivalent of the paper version of the
> Taxable SS Worksheet. See what it shows, then pull up last
> year's return in TA2005 and see what the worksheet shows
> there, if you want to see the details.
Thanks everybody.
Horrors should be confined to movies. I hate seeing them on
my tax return.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bill Brown on February 7, 2007, 8:26 pm
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> In doing my taxes for 2006 with TaxAct, I learn to my horror
> that our (married, filing jointly) taxable social security
> income is double that of 2005.
>
> What happened?
>
> I did have a larger capital gain (12,000 vs 2,000). Is that
> why? Or did I miss something?
Increased income in any form is liable to increase the
portion of SSI that is taxable.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bill on February 7, 2007, 8:26 pm
Please log in for more thread options me@privacy.net (Harry=A0Thompson) posted:
> In doing my taxes for 2006 with TaxAct, I learn
> to my horror that our (married, filing jointly)
> taxable social security income is double that of
> 2005.
> What happened?
> I did have a larger capital gain (12,000 vs
> 2,000). Is that why? Or did I miss something?
Yes, of course that's why. The magic of software and
computers doing our math has created ignorance of the
"process" itself. When your total income increases, then
the Social Security exposed to taxes goes up -- until it
reaches 85% of the total.
When we did these things on paper, we were painfully led
through the process and were always aware of the
consequences.
But your increase in total income has inevitably caused the
taxable amount of your Social Security to increase.
Bill
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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