If your income is modest, it is likely that none of your Social Security benefits are taxable. As your gross income increases, a higher percentage of your Social Security benefits become taxable, up to a maximum of 85% of your total benefits.The TaxAct® program will automatically calculate the taxable amount of your Social Security income (if any).
To view the Social Security Benefits Worksheet:
TaxAct Online Return
- Sign in to your TaxAct Online return
- Click Tools on the right side of the screen to expand the category, then click Forms Assistant
- Expand the Federal folder and then expand the Worksheets folder
- Scroll down and click on the worksheet - Form 1040 Taxable Social Security - Social Security Benefits Worksheet 1 to print .
- Click the Print icon and then click the PDF link. The item will appear in a PDF read-only format. At that time you can click the printer icon on the screen to actually print, or close the window without printing.
NOTE: If, after you click Print in Step 5 above, you are directed to the Payment Option screen, you will need to process the product fees prior to printing.
TaxAct Desktop Return
- Click on Forms in the tool bar
- Expand the Federal folder, then expand the Worksheets folder
- Scroll down and double click Form 1040 Taxable Social Security - Social Security Benefits Worksheet 1
This worksheet is based on the worksheet in IRS Publication 915 Social Security and Equivalent Railroad Retirement Benefits