Retirement tax questions
No, you should not override the amounts in TurboTax to take credit for 2022 and also credit for 2021. Both Form RRB-1099 and or Form SSA-1099 should be entered exactly as shown.
Your questions are not very clear, but I believe the following steps will resolve your issues. Once complete these steps you will see you are getting the benefit of the negative amount in box 5.
In Turbotax online search for "Social Security Benefits"
All SSA-1099 forms get entered in the same place:
- Open (continue) your return in TurboTax.
- In the search bar, search for the term Social Security benefits and then select the Jump to link at the top of your search results.
- On the screen Did you receive Social Security or Railroad Retirement benefits in 20XX?
Enter the benefit received in Box 5 which is the same as Box 3 which in your example is $62K
On the same page towards the bottom, you will see a box "Railroad Retirement Benefits (Form RRB-1099). Click on this box.
Once you click on the Railroad Retirement benefits - there will be other information to complete.
In Box 5 of this section, you would enter the negative $20K for you and your wife.
Click continue and complete the remaining questions in the Interview.
You will also come to the question "What year was the lumpsum payment for?
"This includes payments for 1984 through 2021. If you have more than, one, we'll enter them one at time"
You will then enter "2021", the following page will ask for the amount of lump sum received in 2022 for 2021. This is where you will enter $19,614.
See the screenshots below:
[Edited 3/20/2023 |3:06PST] @JML1947
