Is income from Form SSA -1099 taxable

[Marketstar · Accepted solution]

If Social Security income is the only income you earned in 2016, it is not taxable or reportable, and you need not file a tax return.

If you received other taxable income, you may need to file a return, and include your Social Security income.

Where do I enter an SSA-1099, SSA-1099-SM, or SSA-1099-R-OP1? (if you have other taxable income)

To enter your Social Security benefits reported on form SSA-1099

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

See Is My Social Security Income Taxable?

[yougogirls2]

If someone took SS at 62 early and now he is 66, then he is restricted to the $25,000 for single limit?  I was thinking he was no longer restricted once he was at full retirement age.

Is it due to the fact he took it early at 62 and not waiting until full retirement?

Barbara

[xmasbaby0]

TAX ON SOCIAL SECURITY

Up to 85% of your Social Security benefits can be taxable on your federal tax return.  There is no age limit for having to pay taxes on Social Security benefits if you have other sources of income along with the SS benefits.  When you have other income such as earnings from continuing to work, investment income, pensions, etc. up to 85% of your SS can be taxable.

 What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit. (For 2017 that limit is $16,920 —for 2018 it will be $17,040—for 2019 it will be $17,640)  After full retirement age, no matter how much you continue to earn, your benefits are not reduced by your earnings; your employer will still have to withhold for Social Security and Medicare.

To see how much of your Social Security was taxable, look at lines 5a and 5b of your Form 1040

https://ttlc.intuit.com/questions/1899144-is-my-social-security-income-taxable

You need to file a federal return if half your Social Security plus your other income is $25,000 when filing single or head of household, or $32,000 when filing married filing jointly, $0 if you are filing married filing separately.

Some additional information:  There are 13 states that tax Social Security—Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont, and West Virginia.  These states offer varying degrees of income exemptions, but four mirror the federal tax schedule: MN, ND,VT, and WV

[amydegan]

I already submitted my turbo tax thing and then received my SSA-1099 in the mail. I want to make sure this was submitted correctly. This info may have been included in my job tax form.

[CatinaT1]

Yes, the SSA-1099 still needs to be claimed.  The taxability of this income is determined by your total income for the year. 

The IRS is will not begin processing returns until February 12.  Since you have already submitted your return, it's like dropping it into a mailbox - you cannot get it back.  You'll have to wait until your return is either accepted or rejected.

• If rejected, you can make any necessary changes.
• If accepted, you'll need to amend your return. 

It is possible based on the amount of your SSA-1099 and your other income that there will be no net change in your return.  If your return is accepted, you can complete the amended process to determine if there is any effect.  If there is no effect you would simple not submit the amendment.