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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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I'm confused about whether my Social Security for 2016 is

Customer Question

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?
Submitted: 8 months ago.
Category: Tax
Expert:  Lev replied 8 months ago.

I will verify your determination - just need confirmation...

For 2016 tax year - you had

- 17531 in social security benefits

- 16805 pension from 1099R box 2a

- 9000 taxable distribution from the trust K1 - which box?

Please verify