ira and social security

[dad194816]

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

[VolvoGirl]

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.

[dad194816]

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 

[xmasbaby0]

And....YOU do not do the "math"----you just enter your SSA1099 exactly as it appears and enter your 1099R exactly as it appears.  The software takes care of all of the calculations.   

  Go to Federal> Wages & Income>>Retirement Plans and Social Security  (SSA1099 and 1099RRB) to enter your SSA1099.

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

[VolvoGirl]

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.