The formula for determining provisional income is as follows:
Provisional income = gross income + tax-free interest + 50% of Social Security benefits + any tax-free fringe benefits and exclusions - adjustments to income (except for the student loan deduction, tuition and fees deduction or domestic production-activities deduction)
Provisional income is calculated on Worksheet 34-1, unless the taxpayer is an active participant in a qualified plan and also has made or intends to make deductible contributions to a Traditional IRA for the year.
If the taxpayer's provisional income exceeds a certain base amount, then part of the taxpayer's Social Security benefits may become taxable.
Investment dictionary. Academic. 2012.
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