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I repaid SS benefit 9/16 ;received SSA-1099 to find that Box 4 does not have my repay amt. How shud I report benefit? Will SSA update its record n new SSA-1099 be sent?
The problem I am facing is that Box 4 of SSA-1099 (which I received 1/5/17) does not show the amount ($30K) I repaid in Sept 2016 but Box 5 still shows I had received $30K. It seems SSA is late in updating my account.
Should I go ahead entering the amount ($30K) in Box 4 when I prepare my filing in Turbo Tax or just leave it blank. If I enter the amount in Box 4, an audit may be triggered because figures between SA-1099 and my filing mismatches.
Please advise. Thanks
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Retirement tax questions
You should not enter an amount for box 4 of your SSA-1099 if it doesn't actually appear on your form. Instead, you should contact the Social Security Administration here and request that a corrected SSA-1099 be issued. As you suggested, if you file your return without correcting the situation with Social Security, you may face difficulties later on.
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**Mark the post that answers your question by clicking on "Mark as Best Answer"
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Retirement tax questions
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In about 6 months, I received a penalty notice from IRS of not reporting the SS amount, I then had to present to IRS the cancelled check and other doc to prove that I was innocent. Finally in about 6 months, I received a letter of clearance from IRS to state that no tax was due.
Good Luck!
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I am afraid you will have to call up IRS to obtain the answer to this question.
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I think your approach might work for me, too. SSA is unresponsive after two phone calls to live agents and as SSA website inquiry. What SSA form did you obtain from their website? And did the IRS “see” the incorrect SSA-1099 amount when they validated your tax return?