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In reply to the discussion: OMG Krasnov Lied About No Tax On Social Security [View all]wishstar
(5,812 posts)12. Just 1040 isn't enough to get new credit but additional form 1-A is also needed
In order to claim the extra deduction of either $6,000 or $12,000, a supplemental form 1A must be completed and attached.
1040 and its Standard Deduction table does not explain anything about the extra deduction and necessary extra form required in order to put the amount onto the 1040 on correct line. I had to look it up to figure out how to claim the new deduction as it wasn't obvious from just the 1040 for Seniors.
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now I remember. It was too late (or too complicate) to change the tax codes
MadameButterfly
Feb 2
#8
I was about to tell y'all how "inaccurately described" no tax on tips, no tax on overtime, etc. are.
Solomon
Feb 3
#67
If you are taxed on SS there is a double whammy. Not only do you pay tax on SS but it is added to your
twodogsbarking
Feb 2
#13
It took some research on the part of the accountants, but this appears to be true, but with several caveats.
DFW
Feb 2
#58
It is added to your taxable income and will push you into a higher bracket. I wasn't clear.
twodogsbarking
Feb 3
#65
Everyone does not think they are getting back an extra $6000 or $12000 if they have any understanding how taxes work.
MichMan
Feb 2
#40
They go into the same pot as all the other income taxes and aren't directed towards SS
MichMan
Feb 2
#59