topic SSA-1099 box 3 shows "none" benefits paid in 2019 and box 4 shows repaid amount of $xxxx and box 5 shows same amount $ as box 4 but with ($xxxx) how do i file that repay? in Retirement tax questions

SSA-1099 box 3 shows "none" benefits paid in 2019 and box 4 shows repaid amount of $xxxx and box 5 shows same amount $ as box 4 but with ($xxxx) how do i file that repay?

cokewes — Tue, 14 Apr 2020 05:08:37 GMT

Re: SSA-1099 box 3 shows "none" benefits paid in 2019 and box 4 shows repaid amount of $xxxx and ...

ReginaM — Tue, 14 Apr 2020 18:43:39 GMT

In some situations, your Form SSA-1099 or Form RRB-1099 will show that the total benefits you repaid (box 4) are more than the gross benefits (box 3) you received. If this occurred, your net benefits in box 5 will be a negative figure (a figure in parentheses) and none of your benefits will be taxable.

If the total amount shown in box 5 of all of your Forms SSA-1099 and RRB-1099 is a negative figure, you may be able to deduct part of this negative figure that represents benefits you included in gross income in an earlier year, if the figure is more than $3,000. Please see the IRS Publication 915, page 15 for more information.

If the figure is $3,000 or less, it is a miscellaneous itemized deduction and can no longer be deducted.

Re: My 2022 RRB-1099 box 5 shows a NEGATIVE NUMBER ABD SO DOES MY WIFE'S - combined over -$20,000 .

JML1947 — Thu, 16 Mar 2023 18:08:46 GMT

As stated both my wife in I have negative number in Box No. 5 of our RRB-1099 forms - combined more than -$20,000. Turbo Tax program uses that number in its calculation and reduces my overall taxable income by that amount. Also, Pub 15 notes that the negative amount is not taxable but does not address reduction specifically.

PUB 15 addresses ways to tax credits but less than specific. My SSA -1099 in box 3 and 5 state 62,071, and box 3 also notes that $19,614 of the box 3 amount is paid in 2022 for 2021.

Do I have to override the TurboTax calculate in take the credit for 2022, as well as also take a credit for 2021?

Added info: I started to collect my RRB retirement in 2013 and retired for Social Security purposes in mid 2022.

The RRB-SSA Adjustments seem to have caused this matter, but I need quidance on making sure the tax forms are properly handled.

Re: My 2022 RRB-1099 box 5 shows a NEGATIVE NUMBER ABD SO DOES MY WIFE'S - combined over -$20,000 .

HopeS — Mon, 20 Mar 2023 22:11:34 GMT

No, you should not override the amounts in TurboTax to take credit for 2022 and also credit for 2021. Both Form RRB-1099 and or Form SSA-1099 should be entered exactly as shown.

Your questions are not very clear, but I believe the following steps will resolve your issues. Once complete these steps you will see you are getting the benefit of the negative amount in box 5.

In Turbotax online search for "Social Security Benefits"

All SSA-1099 forms get entered in the same place:

Open (continue) your return in TurboTax.
In the search bar, search for the term Social Security benefits and then select the Jump to link at the top of your search results.
On the screen Did you receive Social Security or Railroad Retirement benefits in 20XX?

Enter the benefit received in Box 5 which is the same as Box 3 which in your example is $62K

On the same page towards the bottom, you will see a box "Railroad Retirement Benefits (Form RRB-1099). Click on this box.

Once you click on the Railroad Retirement benefits - there will be other information to complete.

In Box 5 of this section, you would enter the negative $20K for you and your wife.

Click continue and complete the remaining questions in the Interview.

You will also come to the question "What year was the lumpsum payment for?

"This includes payments for 1984 through 2021. If you have more than, one, we'll enter them one at time"

You will then enter "2021", the following page will ask for the amount of lump sum received in 2022 for 2021. This is where you will enter $19,614.

See the screenshots below:

@JML1947

[Edited 3/20/2023 |3:06PST] @JML1947