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.
Yes
No
