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On my SSA-1099 Box 5 shows 25,616.80 net benefits. But as an employee my SS Deductions were 3363.91 according to my last pay stub in 2016. Can I deduct that?
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On my SSA-1099 Box 5 shows 25,616.80 net benefits. But as an employee my SS Deductions were 3363.91 according to my last pay stub in 2016. Can I deduct that?
You have to report the amount in Box 5 of the SSA-1099.
Up to 85% of the Social Security benefits you receive can be taxable income based on the other income on the return.
The amount in Box 5 cannot be netted against Social Security paid in on the pay-stubs during the year. If you did this, IRS may send you a letter due to the SSA-1099 not matching and would adjust the tax on the return, with interest and possibly penalty.
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On my SSA-1099 Box 5 shows 25,616.80 net benefits. But as an employee my SS Deductions were 3363.91 according to my last pay stub in 2016. Can I deduct that?
You have to report the amount in Box 5 of the SSA-1099.
Up to 85% of the Social Security benefits you receive can be taxable income based on the other income on the return.
The amount in Box 5 cannot be netted against Social Security paid in on the pay-stubs during the year. If you did this, IRS may send you a letter due to the SSA-1099 not matching and would adjust the tax on the return, with interest and possibly penalty.
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