1099 Misc 2022
1099 Misc 2022 hi I'm from how to taxes I am a CPA and I'm here to help you fill out form 1040 SR when you have form SS a 1099 income the scenario of our video. Is that you were single and that you had pension and Social Security income this is the front page of the, form 1040 sr is a brand-new, form this year there is not a tax benefit for using this form and it mirrors form 1040 you also use the same instructions as you would when using form 1040.
You can only use this form if you were born before January 2nd 1955 since you were single. Check the single box at the top of the form put your name address and social. Security number and check the box that you were born before January 2nd 1955 this is still page 1 it is the bottom of. The form since you had a pension income we will fill out lines for C and for D you will receive these amounts from form 1099 R which will show your. Gross distribution in your taxable amount in our example it was, 13,000 for both so you will put 13,000 on lines for C and for D respectively next we will put down your Social Security. Benefits on line 5 a in our example it was $9,000 to calculate whether any of this was taxable if you are single you add.
All your other income. Plus half of your social security income and of this over 25 thousand of them some of your income will be taxable this floor will go up to 32,000 if you were married, filing jointly I will take you through the worksheet that the IRS provides on page 28 of the form. 1040 instructions this will illustrate it on line one put the $9,000 of your SSA income times that by half and put, it on line two of $4,500 on line three put. All your other income which was thirteen thousand add that to the 4500 to come up with seventeen five hundred, since this is less than 25 thousand none of your social security income will be taxable again that would be thirty-two thousand on line eight if you're married filing jointly this worksheet,. Will also help you if you had more income it will tell you how much will be taxable since none of yours is taxable put zero on line 5b and carry all.