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Taxable Social Security Worksheet 2023 Form: What You Should Know
If you have overpaid the amount on line 11, enter '0' and '0' with an 'X' for each overpayment. Enter the new Social Security Benefit amount on Line 25. No. Social Security Benefit is less than your 2023 benefit by: 0 for 2023 Form W-2s without any deductions 25 for an underpayment 75 for an overpayment Do not have to claim the refundable credit—except as noted below. Yes. You may be able to claim the refundable credit if you are claiming the standard deduction instead of itemizing. For 2023 tax year, the refundable credit does not apply. No. You may not claim the refundable credit on the Schedule A form. The refundable credit is in addition to the standard deduction you are claiming and may result in substantial penalties: You can claim the standard deduction on line 26. The standard deduction for social security benefit is the amount shown on Form 1040A, line 12. On line 15 on Form 1040A, in the “Social Security,” column, include the total of your social security benefits for the year. Enter “1,” then the amount of the standard deduction. Do not include additional benefits. The amount is the social security benefit for the calendar year. There is no limit to how much you may claim as a standard deduction on line 4. Your total social security benefits for 2023 and the following two calendar years are shown on the 2023 page of your social security statement. Enter only your annual social security benefits, regardless of how much you paid. The “taxable benefit” column is your social security benefits for the year. Include all of your earned income as income. Enter the following amounts on line 15 if you had overpaid social security benefits in 2017: If you are not claiming the refundable credit, then add 7,200 to this amount: If you over claimed the credit, then add the amount shown on the 2023 page of your social security statement to the amount on line 15: 21,700 23,600 75,200 125,100 160,000 210,200 250,700 If you have overpaid social security in 2017: Your return will show a negative amount with an “X” for that amount.
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