Social Security Benefits Worksheet walkthrough (IRS Form 1040, Lines 6a & 6b)

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Here are links to articles and videos we've created about other tax forms and schedules mentioned in this video or its accompanying article:
Form SSA-1099, Social Security Benefits Statement
Article: www.teachmepersonalfinance.co...
Video: / 7wnn3_7meh
IRS Form 2441, Child and Dependent Care Expenses
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 2441 walkthro...
IRS Form 8839, Qualified Adoption Expenses
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 8839 walkthro...
IRS Form 1099-B, Proceeds From Broker and Barter Exchange Transactions
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 1099-B walkth...
IRS Form 1099-DIV, Dividends and Distributions
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 1099-DIV walk...
IRS Schedule D, Capital Gains and Losses
Article: www.teachmepersonalfinance.co...
Video: • IRS Schedule D Walkthr...
IRS Schedule 1, Additional Income and Adjustments to Income
Article: www.teachmepersonalfinance.co...
Video: • IRS Schedule 1 walkthr...
IRS Form 2106, Employee Business Expenses
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 2106 walkthro...
IRS Form 8889, Health Savings Accounts
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 8889 walkthro...
IRS Form 3903, Moving Expenses
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 3903 walkthro...
IRS Schedule SE, Self-Employment Tax
Article: www.teachmepersonalfinance.co...
Video: • Schedule SE walkthroug...
IRS Form 7206, Self-Employed Health Insurance Deduction
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 7206 walkthro...
IRS Form 8853, Archer MSAs and Long-Term Care Insurance Contracts
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 8853 walkthro...

[@carlalucas4284]

Thank you for sharing this,it has been a great help.

[@virginiaflesher6140]

I get veteran disability. I know it is not taxable, but do I have to report it on my 1040SR?

[@teachmepersonalfinance2169]

No. VA disability payments are not reportable on your Form 1040-SR. www.teachmepersonalfinance.com/irs-form-1040-sr-instructions/

[@user-kl3ti9lq8s]

Trying to figure how to file a 1040 for the child tax credit for 2021 im on ssi

[@teachmepersonalfinance2169]

Schedule 8812 will help you determine your available child tax credit: IRS Schedule 8812, Child Tax Credit or Credit for Other Dependents Article: www.teachmepersonalfinance.com/schedule-8812-instructions/ Video: kzbin.info/www/bejne/nV6lnJ-Hm7qSnas But if you already filed your tax return for 2021, you'll have to file an amended tax return. You can try this yourself, or you might be able to set up an appointment through the IRS' Volunteer Income Tax Assistance program, set up by the IRS to help people like you: www.taxpayeradvocate.irs.gov/get-help/filing-returns/vita-and-tce/

[@laurolopez4319]

Can I deduct my mortgage interest and property taxes if i don't itemize on my 1040?

[@teachmepersonalfinance2169]

Unfortunately, both mortgage interest and property taxes are considered itemized deductions, which you must itemize on Schedule A on your tax return. You would have to compare your standard deduction to your total itemized deductions to determine which one is better for you (based on which produces a lower tax bill). Below is some more information about Schedule A and the various types of itemized deductions. IRS Schedule A, Itemized Deductions Article: www.teachmepersonalfinance.com/irs-schedule-a-instructions/ Video: kzbin.info/www/bejne/Y2i8hqqHa7Zkgqs Playlist: kzbin.info/aero/PLYHzJrFFCrpy1rgmUyp_4JMBnBvphyqB6

[@gloriagottlieb8828]

Thanks. I am still confused about line 6, which I do not have amount from schedule 1. So I entered the zero to compare with the line 5 with 5000 . My line 7 amount should be 5000. Is this correct?

[@teachmepersonalfinance2169]

If you don't have any amounts from Schedule 1, and your Line 5 amount is $5,000, then that would be correct. You would enter 0 in Line 6, then subtract that 0 from $5,000, which is $5,000. Enter that into Line 7.

[@SantosSantos-bf5sz]

Just wanted to know what LSE means.

[@teachmepersonalfinance2169]

LSE might refer to lump-sum election. However, without knowing the context, I can't be sure.

[@Starbeoghtuser3475]

Does this work for SSDI disability?

[@teachmepersonalfinance2169]

According to the Form 1040 instructions, you would not include in your income any disability payments including Social Security Disability Insurance (SSDI) payments) you receive for injuries incurred as a direct result of a terrorist attack directed against the United States (or its allies), whether outside or within the United States. Otherwise, you would use this worksheet for SSDI payments.

[@Starbeoghtuser3475]

9:12

[@Here12years]

I sent return in and forgot to add my s.s. at that time I was getting $600 back. I did an edit? On my return and added the s.s. amt. (1040-X) nothing was changed except the irs said I was not getting a return. Can you explain this? Thanks.

[@teachmepersonalfinance2169]

I couldn't give you a specific explanation without knowing more about your tax return. However, my first guess would be that reporting the additional income increased your tax liability to the point where your $600 refund went away. If I were in your situation, I would consider talking through the *original* return with the added Social Security to see if this makes sense, even if I had to do the calculations by hand.

[@Here12years]

@@teachmepersonalfinance2169 thank you for replying so fast! I had 8748. Income from a job and 1450 for s.s. no taxes taken out. That's it.

[@teachmepersonalfinance2169]

@@Here12years I'm not sure, but it appears that you might have phased out of a refundable tax credit. In other words, you might have had a tax credit (refundable tax credit can give you a credit even when you don't have any tax bill), but your Social Security made your income too high to still qualify.

[@Here12years]

@@teachmepersonalfinance2169 total income was less than $9200.