"Rich Carreiro" <rlcarr[at]animato.arlington.ma.us> wrote:
- quote -

Thanks everybody.

Horrors should be confined to movies. I hate seeing them on
my tax return.

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"Harry Thompson" <m...[at]privacy.net> wrote:

- quote -

ed

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me[at]privacy.net (Harry=A0Thompson) posted:

- quote -

Yes, of course that's why. The magic of software and
computers doing our math has created ignorance of the
"process" itself. When your total income increases, then
the Social Security exposed to taxes goes up -- until it
reaches 85% of the total.

When we did these things on paper, we were painfully led
through the process and were always aware of the
consequences.

But your increase in total income has inevitably caused the
taxable amount of your Social Security to increase.

Bill

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"Harry Thompson" <m...[at]privacy.net> wrote:

- quote -

Increased income in any form is liable to increase the
portion of SSI that is taxable.

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"Harry Thompson" <me[at]privacy.net> writes:

- quote -

Yep.

TaxACT has the equivalent of the paper version of the
Taxable SS Worksheet. See what it shows, then pull up last
year's return in TA2005 and see what the worksheet shows
there, if you want to see the details.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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In doing my taxes for 2006 with TaxAct, I learn to my horror
that our (married, filing jointly) taxable social security
income is double that of 2005.

What happened?

I did have a larger capital gain (12,000 vs 2,000). Is that
why? Or did I miss something?

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