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
26.77%
Total amount of nontaxable income
$ 890
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
$ 1,112.5
Total annual Social Security income including 25% gross-up of the nontaxable portion based on 1040 figures
$ 3,547.5
Total monthly Social Security income including 25% gross-up of the nontaxable portion based on 1040 figures
$ 295.63
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
$ 182.5
Taxable portion
$ 499.3
Grossed up 25% of the nontaxable percentage
$ 727.42
Monthly Qualifying SSI
$ 727.42
BORROWER Name:
Monthly SSI amount from award letter
$
Nontaxable portion
$ 182.5
Taxable portion
$ 499.3
Grossed up 25% of the nontaxable percentage
$ 727.42
Monthly Qualifying SSI
$ 727.42
BORROWER Name:
Monthly SSI amount from award letter
$
Nontaxable portion
$ 182.5
Taxable portion
$ 499.3
Grossed up 25% of the nontaxable percentage
$ 727.42
Monthly Qualifying SSI
$ 727.42
BORROWER Name:
Monthly SSI amount from award letter
$
Nontaxable portion
$ 182.5
Taxable portion
$ 499.3
Grossed up 25% of the nontaxable percentage
$ 727.42
Monthly Qualifying SSI
$ 727.42
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