her53
New Member

If the amount in box 5 on SSA 1099 is a negative number do I put it on my 1040 income line?

 
LinaJ2018
Intuit Alumni

Retirement tax questions

Please see answer below.
LinaJ2018
Intuit Alumni

Retirement tax questions

No, you do not put it on your income line.  Since the box 5 on the form shows a negative amount, it means you have already included a social security benefit amount in your gross income in an earlier year.  You may be able to deduct part of it if the figure is more than $3,000. If the figure is $3,000 or less, it is a miscellaneous itemized deduction and can no longer be deducted due to the new tax reform. 

Here is how it works in the program (online):

  • Sign in to your account, select Take me to my return
  • To your left, select Federal.
  • From above, select Deductions and Credits
  • Scroll down to section Other Deductions and Credits /Other Deductible expenses, select Start
  • Follow prompts
  • On the screen, Tell us about your less common expenses, enter information if it's less than $3000
  • If it's more than $3000, select Continue to the next screen
  • On the screen, Tell us about your other deductions, enter information.  Please see the attached screenshots.