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Pearl! My boyfriend just filed my taxes on line which said…

Hi, Pearl! My...

Hi, Pearl! My boyfriend just filed my taxes on line which said my refund would be around $300.00. However, on my 1099 social security statement it looks like i should owe $ for the net benefit I received in 2017 which includes back pay of $16,431.90 for 2015, $24,228.00 for 2014 and $7,956.00 for 2013 as well as my ongoing monthly disability amount. Do I owe $$ on the back pay amounts?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

My net benefit for 2017 was $73,335.90. On notice 703, line E, the amount is $36,685.01 which I understand may be taxable. How do I find out how much I owe on that income?

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Answered in 2 minutes by:
3/23/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,221
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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To see how much of your SSA is taxable, you take half the SSA and all your other income. That is called combined income. If that amount is

  • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
  • more than $34,000, up to 85 percent of your benefits may be taxable.

​That is what the 703 form does for you, it shows you the threshold amount. As your line e is over $34000 then yes some of the SSA is taxable.

You can calculate it a different way though because of the lumpsum for past years.

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IRS Pub. 915 has rules on a lump-sum election you can use that may reduce the amount of your taxable benefits.

Under the lump-sum election method, you refigure the taxable part of all your benefits for the earlier year (including the lump-sum payment) using that year's income. Then you subtract any taxable benefits for that year that you previously reported. The remainder is the taxable part of the lump-sum payment. Add it to the taxable part of your benefits for 2017 (figured without the lump-sum payment for the earlier year).

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If your return did not use the election for lumpsum then you want to amend and file form 1040X

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

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Customer reply replied 4 months ago
Ok. So I need to file amended returns for 2013, 2014 and 2015. Correct? Will TurboTax help me through with the formula for determining the amounts for each of those years?

No, you need to amend your 2017 return. Then you can use the method I suggested. The money still goes on the 2017 return but you can use a possible lower tax.

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I do not know if TurboTax does that. They should alert you when you listed the SSA as past years in Box 3.

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Customer reply replied 4 months ago
I prefer not to call because my boyfriend will be amending my 2017 tax return and I'm afraid I will get confused more and won't be able to relay the instructions to him correctly if I call. If it's on my texting, he can read it himself.

Any call offer is site generated, just ignore it.

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Customer reply replied 4 months ago
No thanks.

Tell him to look at IRS Pub 915 for lumpsum payments

https://www.irs.gov/forms-pubs/about-publication-915

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,221
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 months ago
Thanks for your help, Robin! Have a good day!

You are most welcome

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