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New Member
posted Apr 18, 2022 4:32:20 AM

Under the SSA-1099 section I have an asterisk in box 3. do I deduct the payment it says I paid in 2021 from this amount before I put in box 5?

Do I deduct the asterisk amount in box 3 on my SSA-1099 before I put an amount in box 5 on my schedule?

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Expert Alumni
Apr 18, 2022 5:50:59 AM

Sometimes an asterisk (*) may appear after the amount shown. This indicates that retroactive payments for earlier years have been included in the total

 

Some taxpayers may have received a lump-sum benefit payment. This payment could be for the current tax year and for prior tax years. Box 3 of the taxpayer's Form SSA-1099 will include the lump-sum payment. The form will also show the year, or years, of the payment.