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Jacy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 568
Experience:  Nine years individual income tax preparation and consulting
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In 2010 my income increased from 26,420 to 45,113 an increase

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In 2010 my income increased from 26,420 to 45,113 an increase of 18,693 but my taxable income (including taxable SS} went from 27,873 to 59,938 an increase of 32,065. These numbers are based on Tax Cut program. Did I make a mistake somewhere or is there a way to reduce taxable SS income ? WARD
Submitted: 6 years ago.
Category: Tax
Expert:  Jacy replied 6 years ago.
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Jacy :


Expert:  Jacy replied 6 years ago.

It does sound like something isn't right. I will need more information to help you. Could you elaborate on your gross income for me? Tell me how much of each type.



Customer: replied 6 years ago.
6949 deferred comp
15,000 business income
23,164 pension + 401K withdrawal

based on these numbers Tax Cut indicated my taxable SS income was now 14,825 versus only 1453 with my previous income of 26,420 which did not include 15,000 business income and a reduction of 744 in pension +401 K withdrawal
Expert:  Jacy replied 6 years ago.



The taxable amount of Social Security benefits varies based on the amount of your other income. It can be up to 85% taxable if your other income plus half of the SS benefits exceeds $34,000 (or $44,000 if Married). Sounds like this is the case for you.


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