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 My Return on the right side of the screen
- Click Print Center, then click the Custom
- In the second box, scroll down and click on the checkbox to the left of Federal Form 1040 Taxable Social Security - Taxable Benefits $XXX.XX
- Click the Print button 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 you see a message indicating that your product is not paid, you will need to process 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