topic The SSA-1099 received is incorrect and we haven't received a correct one. Also the amount in box 5 is negative and not showing on the 1040, why? in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/the-ssa-1099-received-is-incorrect-and-we-haven-t-received-a-correct-one-also-the-amount-in-box-5-is/01/492319#M45495 <P>We are entered the correct information for the SSA-1099 as we have been in contact with the social security office and they agree it should be correct.&nbsp; Benefits and taxes were paid back from 2016 amounts received in 2017.&nbsp; Why is the negative amount not showing on line 20 of the 1040?</P><P>Also, should we paper file instead of e-file the return since the information being filed does not agree with what was provided to the IRS?<BR /></P> Wed, 05 Jun 2019 01:22:45 GMT kris0380 2019-06-05T01:22:45Z The SSA-1099 received is incorrect and we haven't received a correct one. Also the amount in box 5 is negative and not showing on the 1040, why? https://ttlc.intuit.com/community/retirement/discussion/the-ssa-1099-received-is-incorrect-and-we-haven-t-received-a-correct-one-also-the-amount-in-box-5-is/01/492319#M45495 <P>We are entered the correct information for the SSA-1099 as we have been in contact with the social security office and they agree it should be correct.&nbsp; Benefits and taxes were paid back from 2016 amounts received in 2017.&nbsp; Why is the negative amount not showing on line 20 of the 1040?</P><P>Also, should we paper file instead of e-file the return since the information being filed does not agree with what was provided to the IRS?<BR /></P> Wed, 05 Jun 2019 01:22:45 GMT https://ttlc.intuit.com/community/retirement/discussion/the-ssa-1099-received-is-incorrect-and-we-haven-t-received-a-correct-one-also-the-amount-in-box-5-is/01/492319#M45495 kris0380 2019-06-05T01:22:45Z The amount shown in Block 5 of a SSA-1099 will be negativ... https://ttlc.intuit.com/community/retirement/discussion/the-amount-shown-in-block-5-of-a-ssa-1099-will-be-negativ/01/492327#M45497 The amount shown in Block 5 of a SSA-1099 will be negative when you pay back more Social Security than you receive during the year.&nbsp;&nbsp;I understand that this is the case and that the amount shown in Block 5 is correct.&nbsp;&nbsp;Unfortunately the tax rules are not what many might think.&nbsp;&nbsp;Please see IRS Pub 915 for a detailed explanation (page 15 in the 2017 edition). You should not try to produce a negative income for this on the front of Form 1040.&nbsp;&nbsp;Instead, the negative income should normally be claimed as an itemized deduction on Schedule A.&nbsp;&nbsp;If less than $3000, it is subject to the 2%-of-adjusted-gross-income limit that applies to certain miscellaneous itemized deductions. Claim it on Schedule A (Form 1040), line 23.&nbsp;&nbsp;If you are not itemizing, then there is no benefit.&nbsp;&nbsp;If the amount is over $3000, there is a possible credit process that is a bit more complex to use.&nbsp;&nbsp;See Pub 915 for the detailed description of the credit process that will end up of Form 1040, Line 73 with the notation I.R.C. 1341. Wed, 05 Jun 2019 01:22:46 GMT https://ttlc.intuit.com/community/retirement/discussion/the-amount-shown-in-block-5-of-a-ssa-1099-will-be-negativ/01/492327#M45497 AJ 2019-06-05T01:22:46Z
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topic The SSA-1099 received is incorrect and we haven't received a correct one. Also the amount in box 5 is negative and not showing on the 1040, why? in Retirement tax questions
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<P>We are entered the correct information for the SSA-1099 as we have been in contact with the social security office and they agree it should be correct.&nbsp; Benefits and taxes were paid back from 2016 amounts received in 2017.&nbsp; Why is the negative amount not showing on line 20 of the 1040?</P><P>Also, should we paper file instead of e-file the return since the information being filed does not agree with what was provided to the IRS?<BR /></P>
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The SSA-1099 received is incorrect and we haven't received a correct one. Also the amount in box 5 is negative and not showing on the 1040, why?
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https://ttlc.intuit.com/community/retirement/discussion/the-ssa-1099-received-is-incorrect-and-we-haven-t-received-a-correct-one-also-the-amount-in-box-5-is/01/492319#M45495
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<P>We are entered the correct information for the SSA-1099 as we have been in contact with the social security office and they agree it should be correct.&nbsp; Benefits and taxes were paid back from 2016 amounts received in 2017.&nbsp; Why is the negative amount not showing on line 20 of the 1040?</P><P>Also, should we paper file instead of e-file the return since the information being filed does not agree with what was provided to the IRS?<BR /></P>
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The amount shown in Block 5 of a SSA-1099 will be negativ...
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The amount shown in Block 5 of a SSA-1099 will be negative when you pay back more Social Security than you receive during the year.&nbsp;&nbsp;I understand that this is the case and that the amount shown in Block 5 is correct.&nbsp;&nbsp;Unfortunately the tax rules are not what many might think.&nbsp;&nbsp;Please see IRS Pub 915 for a detailed explanation (page 15 in the 2017 edition). You should not try to produce a negative income for this on the front of Form 1040.&nbsp;&nbsp;Instead, the negative income should normally be claimed as an itemized deduction on Schedule A.&nbsp;&nbsp;If less than $3000, it is subject to the 2%-of-adjusted-gross-income limit that applies to certain miscellaneous itemized deductions. Claim it on Schedule A (Form 1040), line 23.&nbsp;&nbsp;If you are not itemizing, then there is no benefit.&nbsp;&nbsp;If the amount is over $3000, there is a possible credit process that is a bit more complex to use.&nbsp;&nbsp;See Pub 915 for the detailed description of the credit process that will end up of Form 1040, Line 73 with the notation I.R.C. 1341.
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