Social Security Questions? Ask a Social Security Expert
Your $1949 a month social security benefits will be $1949 * 12 = $23388 - that amount will be reported on form 1040 line 20a.
Taxable portion will be calculated as 85% of your TOTAL benefits (before any deductions)
$23388 * 85% = 19880 - that amount will be reported on 1040 line 20b
Medicare premiums may be deducted separately as Medical expenses - you may include that amount with other medical expenses on schedule A line 1.
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