Mr. and Mrs. Willet will file their 2020 tax return as married filing joint. They have...
Mr. and Mrs. Willet will file their 2020 tax return as married filing joint. They have an AGI of 35,000, tax exempt income of 2,000, and social security benefits of 15,000 for the year. What amount of their social security benefits must they include in their taxable income? HELP!! ASAP
Homework Answers
Based on the information available in the question, we can answer as follows:-
For the purposes of determining the amount of the social security benefits that is taxable, first, we can calculate the combined income :-
Combined Income = AGI + Non taxable income.
Combined Income = $35,000 + $2,000
Combined Income = $37,000
Per IRS, for married individuals with an AGI greater than $32,000 and less than $44,000 , 85% of the social security benefits are included in the Gross income and are taxable. Per this consideration, the amount of social security benefits they should include in their taxable income is $15,000 * 85% = $12,750
Hence, the answer is $12,750.
Please let me know if you have any questions via comments and all the best :)
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