I'm confused about whether my Social Security for 2016 is taxable or not (yes, I'm late filing
-- I did submit a late filing in Apr 2017 and paid $1000 at that point, but I'm juts filing 2016 as well as 2017 now. Anyway on my SSA 1099 fo 2016 on the back is a section to calculate whether or not my 17531 in benefits
is taxable or not, According to my calculations the "E" total is 23965, so I interpret the instructions to mean that since this amt is not over 25K my benefits are not taxable. Is this a reasonable conclusion?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: Yes, I also had pension income
of 16805 and about 9K from a trust fund. I also have deductions
because I'm over 65 of 4050 and 7900. The way I originally calculated my taxes
I included the entire amount of my SS benefit in my income and that way will owe 1184. If I exclude my SS benefit I will of course not owe that ant. I'd rather be safe than sorry, and have to pay later than pay now. Sorry if this is a bit complicated. Perhaps too much to ask of your service?