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Level 2

Question

social security underpayments for tax reporting year

Forum|Forum|2 years ago
January 20, 2024
1 reply
0 views

are social security underpayments reported as lump-sum payments when filing your taxes?

Level 15

Please explain what you mean by a Social Security "underpayment". Where are you seeing that?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Level 2

The amounts are shown down at the bottom of the box labeled "description of amount in box 3" om the SSA-1099. Box 5 Net Benefits for 2023 is equal to box 3 benefits paid amount.

I made the assumption that the amounts were prior years underpayments, not overpayments. If not underpayments, what are these additional amounts for prior years included in the 2023-year benefits?

Thanks for any assistance.

Level 15

underpayments for prior years would be in box 3. repayments of prior years overpayments would be in box 4 box 5 is the net taxable amiunt