Hal_Al
Level 15

Retirement tax questions

  In TurboTax (TT), you can use a work around.  Enter the latest version of the SSA-1099, so that what you report for SS income matches what's in the IRS computers.

 

Later, claim an adjustment (deduction) for the difference.  You'll have to do the calculation yourself.  For example, if you are reporting $10,000 of SS and the correct amount should be $9000, you'll need to look at the Social Security benefits work sheet for the taxable amount. So, if the taxable amount is 85% (as it is for most people), you will report an adjustment of $850, not $1000.  

 

The adjustment should go on lime 24z of Schedule 1*. For description, use something like "Erroneous SSA-1099 adjustment".  For how to enter, see: https://ttlc.intuit.com/community/business-taxes/discussion/re-schedule-1-line-24z/01/3019128#M10062...  

 

An Alternative is report the full amount of the SSA, now.  Later if you get a corrected SSA-1099, file an amended return. 

 

*Alternatively, the adjustment could go on line 8z of Schedule 1, as a negative amount.   In TurboTax (TT), enter at:
- Federal Taxes tab
 - Wages & Income
Scroll down to:
-Less Common Income
      -Misc Income, 1099-A, 1099-C
       - On the next screen, choose – Other reportable income -  Answer yes to Any other Taxable Income -On the next screen, Enter the number with a minus sign (-) in front.  Briefly explain at description. Call it something like "Erroneous SSA-1099 adjustment".