topic Form SSA-1099 has "Treasury Benefit Payment Offset, Garnishment and/or Tax Levy" , where do I enter this amount? in Retirement tax questions

Form SSA-1099 has "Treasury Benefit Payment Offset, Garnishment and/or Tax Levy" , where do I enter this amount?

byrnesbudget — Sat, 01 Jun 2019 15:24:46 GMT

Form SSA-1099 has "Treasury Benefit Payment Offset, Garnishment and/or Tax Levy" , where do I enter this amount?

I did add net benifits and benifits paid. The amount is included in benefits for 2017.

You don't enter it at all ... it has nothing to do with t...

Critter — Sat, 01 Jun 2019 15:24:48 GMT

You don't enter it at all ... it has nothing to do with the tax return.

Re: You don't enter it at all ... it has nothing to do with t...

pj1too2001 — Tue, 14 Mar 2023 22:44:03 GMT

IF IT IS A TAX LEVY THEN IT SHOULD BE DEDUCTIBLE AS TAXES PAID. WHY DOES IT HAVENOTHING TO DO WITH THE TAX RETURN?

Re: Form SSA-1099 has "Treasury Benefit Payment Offset, Garnishment and/or Tax Levy" , where do I...

Cynthiad66 — Tue, 21 Mar 2023 21:13:20 GMT

An IRS levy permits the legal seizure of your property to satisfy a tax debt. It can garnish wages, take money in your bank or other financial account, seize and sell your vehicle(s), real estate and other personal property. Use this IRS link for more information.

You cannot deduct tax penalties from your federal taxes. If you owe interest on top of tax debt, that interest is also not deductible. Levies are similar to a penalty.

A tax levy is the next step in the collection process after a tax lien and occurs when the IRS seizes your property to pay taxes owed. The IRS may levy a variety of assets:

Money in your checking account
Tax refunds
Wages from your job
Cars
Houses
Other property

The IRS will then convert these assets into cash and use that money to pay down the debt you owe.

The IRS cannot levy your property in the following situations:

You have a current or pending installment agreement or offer in compromise
The IRS determines you’re unable to pay due to economic hardship

Tax Levy and Liens

@byrnesbudget

@pj1too2001