I have a FORM SSA-1099 - SOCIAL SECURITY BENEFITS STATEMENT. Do I have to enter this? I am full retirement age so I was told I didn't have to but I really don't know?

[debdoner]

No other details to give

[DoninGA]

Social Security Retirement/Disability/Survivors benefits are reported on a form SSA-1099 and the benefits received are to be entered on a federal tax return. The benefits may be taxable depending on the amount of other income you have entered on your tax return.

However, if the Social Security benefits are the Only income to be reported on the tax return, then there is no reason or need to file a tax return.

To enter Social Security benefits reported on form SSA-1099

• Click on Federal Taxes (Personal using Home and Business)
• Click on Wages and Income (Personal Income using Home and Business)
• Click on I'll choose what I work on (if shown)
• Scroll down to Retirement Plans and Social Security
• On Social Security (SSA-1099, RRB-1099), click the start or update button

Or enter ssa-1099 in the Search box located in the upper right of the program screen. Click on Jump to ssa-1099

[Critter-3]

Even though you  have attained full retirement age where  your earned income  no longer reduces the benefits received   you do need to enter it  because some of it could be taxable depending on your other income.

Information from SSA-1099 is not entered as a W-2 or in the same section as the W-2.  Use these steps to enter your SSA-1099:

• On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
• This opens a box where you can type in “social security income” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
• The search results will give you an option to “Jump to social security income”
• Click on the blue “Jump to social security income” link and enter your information

However, if your only income is from Social Security reported on SSA-1099, then you do not need to file a tax return or register for the stimulus payment.  

Social Security recipients will automatically receive their stimulus payment in the same account as where the Social Security benefit is deposited.  

Take a look at the following for more information:  IRS -- Economic Impact Payments

 

[VolvoGirl]

There are 2 different things to know about social security. People get them mixed up all the time.

1. Your actual SS checks

If you are over full retirement age your actual ss checks won't be reduced. Otherwise they will actually reduce your payments if you make too much other income in the prior year.  See SS FAQ for working after retirement

https://www.ssa.gov/planners/retire/whileworking.html

2. Income Tax

For any age 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