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Form Instruction 1040 Line 20a & 20b Arizona: What You Should Know

Line 31 — “Treated as Income” Line 33 — “Amount paid” or “Revenues” Line 34 — “Gross income” or “Taxable portion” of Social Security Benefits Line 35 — “Amount” by which total social security benefits paid in this Year are more than 100,000. Line 36 — “Amount” by which total social security benefits paid in this year are more than 100,000 but less than 200,000. Line 40 — “Taxable portion” of social security benefits. Line 41 — “Beneficiary,” “owner” and “subscriber” (as applicable) A beneficiary includes a person under age 25 who receives payments from the Social Security Trust Funds. A subscriber is a person who makes payments to a trustee or other third party for services that enable the beneficiary to continue to receive benefits from the Trust Funds. Additional instructions are contained in the instructions for line 33. Taxes paid on Social Security benefits If you receive a refund in the amount of 100,000 or more (based on your adjusted gross income for tax year 2017) on a social security account that you may use to pay qualified social security and Medicare taxes in the same year, you must include the full amount of the refund as income. If you receive a refund in the amount of less than 50,000 (based on your adjusted gross income for tax year 2017), you must include the greatest of 10 per cent of the refund or 5,000 in income for the year you received it. Social Security and Medicare Tax Refund Requirements Refunds issued for 2023 are subject to an additional 5 per cent tax on all amounts received in excess of 1,850,000 (2,500,000 for joint filers) for each of the 2 years ending December 31, 2018, and 2019. Note to filers with 2023 credit payments from 2017 A refund based solely on 2023 credit payments is not taxable for federal tax purposes. Any amounts deducted from an account for the 2023 tax year which are refundable will be refundable to filers only once, not twice in the same year. An account refundable is one that is eligible to be deducted in a given year by reason of the provisions in the statute that permit that year to be a refundable filing year. This means that an account can only be a refundable filing year after having been assessed a federal income tax.

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