1099 from SSDI benefits

[thegmaniac]

I just got a text that my initial 1099 is ready from SSA. I logged into my account and saw my 1099-SM and box 5 is highlighted/colored red. Is that bad? Does anyone know what that means? I have googled and googled and no one seems to have an answer. Please help 

[DoninGA]

Box 5 of the SSA-1099 is the amount that you enter on federal tax return for the SS benefits received.  Why it is being shown in Red is unknown.

To enter Social Security benefits reported on form SSA-1099

Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Scroll down to Retirement Plans and Social Security
On Social Security (SSA-1099, RRB-1099), click the start or update button

Or enter ssa-1099 in the Search box located in the upper right of the program screen. Click on Jump to ssa-1099

[thegmaniac]

Can you help me find the place to find the answer. 

it’s the form that is pdf from SSA and box 5 has a figure and the entire box is highlighted in red. 

[VolvoGirl]

Where do you see that?  I logged into my SS account and it says not until Jan 31.  Only 2023 is available to get now.  

[thegmaniac]

It’s in your messages box

[DoninGA]

The only ones that can assist with this issue is the SSA.

Call 1-800-772-1213 between 8:00 a.m. – 7:00 p.m. local time, Monday through Friday

[rjs]

Box 5 always has pink shading as a background. Is that what you are calling red? It's just highlighting it because that's the amount you have to enter in your tax return. The shading is part of the form.

[MrSubway]

Mine says, "Initial 1099."

I'm on SSDI, and I've never seen it say, "Initial."

I'm reluctant to file with it.

[VolvoGirl]

Initial is OK.  I printed it out from my social security account.  box 5 is in red.  I haven't gotten it in the mail yet.  It matches the total of all my deposits.  It is right.  You need to enter it into your tax return.  The actual SSA-1099 has box 5 in light pink but the one I printed from SSA is bright red.  

Up to 85% of Social Security becomes taxable when all your other income plus 1/2 your social security, reaches:

Married Filing Jointly: $32,000

Single or head of household: $25,000

Married Filing Separately: 0

[VolvoGirl]

I made you 2 screen shots from my SS account.  And they say the SSA-1099 forms won't be mailed until after Jan 31.  But you can get a copy online now.

[Domer17]

Note: I’m not a tax expert nor do I collect SS, SSDI,etc…However, my brother is on SSDI & received Tax Form 1099-SM from SSA. Box 5 is the total amount you received in benefits ,which is usually how much you actually received in payments from the SSA, but may also include any Medicare Plan payments. That’s neither here or there for the purpose of our discussion. It’s only highlighted in RED so it catches your attention. If this is the first time you’ve ever received this 1099-SM (like my brother) then it can be for one of the following reasons:

#1. Your total benefits exceed the threshold for however you file your tax returns: If you file SINGLE the threshold is $25,000+. If you file JOINTLY, the threshold is $34,000+ **This DOES NOT MEAN YOU AUTOMATICALLY HAVE TO PAY TAXES ON THIS. That’s a whole different topic…

#2. If your below the above threshold’s & you received a 1099-SM, that usually means you received some other income for the 2024 Tax year. This income doesn’t need to be in the form of a W2. It could be in the form of Interest off an investment, capital gains, or even if a credit card company cancelled you after being in collections & sent you a 1099-C for the total balance on the c/c at the time the credit card company wrote it off as a loss. 

If you have no other income coming in besides your SS, you should never have to pay taxes on it. BUT THAT DOESN'T MEAN YOU WON’T HAVE TO FILE TAXES. I know, it’s confusing. So, here’s my best advice: Tax all your tax documents to H&R BLOCK & they’ll walk you through it. Good Luck…