Yes and No.
Yes -- You can ignore the form if the amount in Box 5 of SSA-1099 is zero (0) (or it is blank).
No -- Don't ignore the form if there is an mount in box 5. Box 5 is a net amount,
taking into consideration the repayments made.
The SSA-1099 is broken down like this:
- Box
3 - Your gross benefits
-
Box
4 - Your repayments
- Box
5 - Your net benefits for 2015 (box 3 minus box 4).
TurboTax
only asks for box 5 - the net amount. [See Screenshot #4, below.]
If the repayments you
made do not show in Box 4 of the statement, contact the Social Security Administration to request a corrected SSA-1099.
To enter Social
Security income please follow these steps:
- Click on Federal Taxes
> Wages & Income.
- In the Retirement Plans and
Social Security section, click on the Start/Revisit box next to
Social Security (SSA-1099, RRB-1099) [See Screenshot #1,
below.]
-
On the next screen, Social Security Benefits, mark the Yes box and click Continue.
[Screenshot #2]
-
On the screen Tell Us About the
Benefits You Received, mark the box for Social
Security benefits (Form SSA-1099). [Screenshot #3]
- A set of boxes will appear for you to enter the Social
Security benefits for you and your wife. [Screenshot #4]
- Click Continue when done.
- The next screen will ask if you received any
lump-sum payments. Mark the appropriate button and click Continue.
[Screenshot #5]
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