Social Security Income Gross-up calculator
Complete the boxes with the Social Security income figures from the corresponding lines on form 1040
Social Security Benefits
$
By subtracting the taxable amount from the total benefit, we come up with our nontaxable portion
00,00.00
Total amount of nontaxable income
00,00.00
Taxable Amount
$
We can then gross-up the nontaxable portion by multiplying by 1.25 for an additional 25%
25% Gross-up of nontaxable income
00,00.00
Total annual Social Security income including 25% gross-up of the nontaxable portion based on 1040 figures
00,00.00
Total monthly Social Security income including 25% gross-up of the nontaxable portion based on 1040 figures
00,00.00
Complete the boxes with the amounts provided on the award letter for individual borrower gross up based on nontaxable percentage from the 1040
BORROWER Name:
Monthly SSI amount from award letter
$
Nontaxable portion
00,00.00
Taxable portion
00,00.00
Grossed up 25% of the nontaxable percentage
00,00.00
Monthly Qualifying SSI
00,00.00
BORROWER Name:
Monthly SSI amount from award letter
$
Nontaxable portion
00,00.00
Taxable portion
00,00.00
Grossed up 25% of the nontaxable percentage
00,00.00
Monthly Qualifying SSI
00,00.00
BORROWER Name:
Monthly SSI amount from award letter
$
Nontaxable portion
00,00.00
Taxable portion
00,00.00
Grossed up 25% of the nontaxable percentage
00,00.00
Monthly Qualifying SSI
00,00.00
BORROWER Name:
Monthly SSI amount from award letter
$
Nontaxable portion
00,00.00
Taxable portion
00,00.00
Grossed up 25% of the nontaxable percentage
00,00.00
Monthly Qualifying SSI
00,00.00
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