Activity Feed for jjfungus
- Posted I have 1099-Q registered under my name on the RECIPIENT's name box. It was intended for my daughter. It seems TurboTax treats this as my income. What should I do? on Get your taxes done using TurboTax. June 4, 2019 6:30 PM
- Posted " I'm wondering if I can treat it as a credit or deductio... on Retirement tax questions. May 31, 2019 6:38 PM
- Posted I took a different approach to not to report any SSA bene... on Retirement tax questions. May 31, 2019 6:38 PM
- Posted In my case, it took SSA over 120 days to report the unpai... on Retirement tax questions. May 31, 2019 6:38 PM
- Posted Thanks for the advice. Called and went to SSA office to f... on Retirement tax questions. May 31, 2019 6:38 PM
- Posted I repaid SS benefit 9/16 ;received SSA-1099 to find that Box 4 does not have my repay amt. How shud I report benefit? Will SSA update its record n new SSA-1099 be sent? on Retirement tax questions. May 31, 2019 6:38 PM
jjfungus
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June 4, 2019
6:30 PM
Please ignore my previous question submitted less than 5 minutes ago. The error was due to incorrect data entry.
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May 31, 2019
6:38 PM
" I'm wondering if I can treat it as a credit or deduction?' I am afraid you will have to call up IRS to obtain the answer to this question.
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May 31, 2019
6:38 PM
I took a different approach to not to report any SSA benefit for that year. Subsequently, I was able to clear any tax liability plus penalty by presenting a revised SSA-1099 with ZERO benefit received. This form was retrieved from the SSA website. But then the whole process takes more than 6 months. :(
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May 31, 2019
6:38 PM
In my case, it took SSA over 120 days to report the unpaid amount to IRS. In about 6 months, I received a penalty notice from IRS of not reporting the SS amount, I then had to present to IRS the cancelled check and other doc to prove that I was innocent. Finally in about 6 months, I received a letter of clearance from IRS to state that no tax was due. Good Luck!
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May 31, 2019
6:38 PM
Thanks for the advice. Called and went to SSA office to find that it may take more than 3 months for them to update my SS Account. Worst, SSA-1099 would be issued only once a year. My plan is to wait before April 15 to find out more from SSA before filing 1040.
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May 31, 2019
6:38 PM
The problem I am facing is that Box 4 of SSA-1099 (which I received 1/5/17) does not show the amount ($30K) I repaid in Sept 2016 but Box 5 still shows I had received $30K. It seems SSA is late in updating my account. Should I go ahead entering the amount ($30K) in Box 4 when I prepare my filing in Turbo Tax or just leave it blank. If I enter the amount in Box 4, an audit may be triggered because figures between SA-1099 and my filing mismatches. Please advise. Thanks
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