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Level 3

Social Security Earnings - possible errors!

What line on IRS Form 1040 does Social Security use for the "Taxed Social Security Earnings"?  I'm looking at the record that I downloaded from Social Security and none of the figures match any of the fields on Form 1040.  

8 Replies
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Level 15

Social Security Earnings - possible errors!

Line 5a of your 1040 is your net social security earnings and comes from your Form SSA-1099 (Box 5) which you received from Social Security.  Line 5b is the amount of social security that is taxed. 

Level 20

Social Security Earnings - possible errors!

What exactly are you looking for or trying to compare?  The wages your employers reported to SS?  That would not be on your tax return.  Your Social Security Wages are only on your W2 box 3 which could be more or less than box 1.

 

If you report self employment income on Schedule C it is a Net Profit over $400.  You have to look at the schedule SE.

Level 20

Social Security Earnings - possible errors!

Or do you want to see how much income you have to see if SS will reduce your benefits if you make too much?  Are you receiving SS checks now or going to apply?  How old are you?

Level 19

Social Security Earnings - possible errors!

the taxable portion of social security line 5b on 1040 can range from 0 to 85%  .    in TT this is a worksheet that calculates the taxable portion.  unfortunately, since TT is in transition to 2019, the worksheet may not be available to view or print 

 

here's a link to 1040 instructions   page  33 has the worksheet where you can do your own calculation, if desired.   it should be noted that I have not seen any threads were there was a report of an incorrect calculation of taxable social security 

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

 

if line 5a on the 1040 is not the same as box 5 on the SSA-1099 you entered something incorrectly

Level 3

Social Security Earnings - possible errors!

Hi Everyone - 

While I'm "retired" and get a pension from one career, I never stopped worked.  I'm a W-2 employee for at least one entity.  And I separately do consulting and file Schedule C. 

Next year, I turn 70 and counting 2019, I've got 33 years of substantial earnings.  So there is no advantage in waiting any longer to draw Social Security.  I printed out my earnings record yesterday expecting the figures for 2018 to match one or a combination of the lines on my Turbo Tax Form 1040.  NONE of the figures match.  So I'm hoping one of you knows what figure SSA uses to put on the Earning Record statement.  Thanks!   

Level 20

Social Security Earnings - possible errors!

I answered that in my first post above. Both for the W2 and schedule C.   You get the SS earnings from W2 box 3.  It's not on your tax return.

 

But there is like a 2 year lag in earnings getting posted.  Because you don't file 2018 tax return until 2019 so the earnings don't show up until 2020.  I think there is a SS article about it.

Level 20

Social Security Earnings - possible errors!

Here's one SS pdf I found.  I'm looking for others

https://www.ssa.gov/pubs/EN-05-10022.pdf 

Level 3

Social Security Earnings - possible errors!

Thanks.  I've printed the IRS pub that you provided.  Your answers did help somewhat but the figures on my Social Security statement are LESS than the total from the W-2 and the net Schedule C income that is over $400.  My statement includes the figure for 2018 and earlier.  The total for 2018 is close but does not match the totals from my forms.  Thanks for responding!!!!  I'll call Social Security when I get time!  Again - thank you!