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Level 2

Question

ira and social security

Forum|Forum|3 years ago
January 18, 2023
1 reply
8 views

Retired Oct 8, 2021...only source of income for 2022 just Social Security. I closed a small IRA. I did receive a 5498 form. Nothing else. Do I Put both amounts on tax form....or half of my social security and the full IRA amount added together. Or exactly how do I handle this on my taxes forms. I tried doing this on turbo tax but it wsn't plain on how to do this. Thank you

Level 15

The IRA will send you a 1099R not a 5498. Don't know why you got that. Did you made a contribution or rollover in 2022? You enter both the 1099R and SSA-1099 from Social Security. For Social Security you enter the full amount in box 5. Turbo Tax will figure out how much if any is taxable.

Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:

Married Filing Jointly: $32,000

Single or head of household: $25,000

Married Filing Separately: 0

Enter a SSA-1099, SSA-1099-SM or RRB-1099 under

Federal Taxes on the left side or top

Wages and Income

Then scroll down to Retirement Plans and Social Security

Then the second line - Social Security (SSA-1099. RRB-1099) - click the Start or Revisit button

Enter a 1099R under

Federal Taxes Tab or Personal (Home & Business)

Wages & Income at the top

Then scroll way down to Retirement Plans and Social Security,

Then IRA, 401(k), Pension Plans (1099R) - click Start or Revisit

There are 4 boxes. Be sure to pick the right box for the kind of 1099R you got.

If you are filing a Joint return be sure to pick which person it is for.

dad194816Author

Level 2

I need to get that 1099R. I saw that when doing turbo tax. They did not send me one. Time for a phone call. thanks

Level 15

They have until Jan 31 to send the 1099R. Mine haven't come yet either. So just wait. I just got my Social Security SSA-1099 yesterday.