Find Out if Your Social Security Benefits Are Taxable With This Statement

If a Social Security beneficiary’s only source of income throughout the year is their benefits, they typically don’t need to file a tax return. But there are always exceptions and stipulations. If you aren’t 100% certain whether you do or don’t need to file a tax return as a Social Security recipient, this statement is going to help you out. 

Your Social Security Benefit Statement is a document the government sends to recipients every January ahead of tax season. You can also find it online through your My Social Security account

If you receive Social Security benefits, you’ll need this statement to file your 2022 tax return this year, so don’t throw it away. But in case you already did, we also explain how you can get a replacement. 

So what exactly is the statement and why is it so important? We’ll get into all of that below. 

For more, here’s how to maximize your tax refund and how to see if you overpaid your taxes in 2020.

What is the Social Security Benefit Statement? 

The Social Security Benefit Statement, also known as Form SSA-1099, shows you the benefit amount you earned last year. (Non-citizens living outside the US receive SSA-1042S instead.) The statement provides beneficiaries with information they can use when they complete their federal tax return. 

The Social Security Administration has been sending out this form annually since 1999, according to the SSA’s website. Supplemental Security Income recipients do not receive this statement. 

What should I use the statement for? 

Generally, Social Security recipients don’t have to file a tax return if their primary source of income is their monthly benefits. But for those who have other sources of income as well as Social Security benefits, it can be harder to tell whether they are or aren’t required to submit a tax return or what percentage of their income is taxable. That’s where the Social Security Benefit Statement comes in handy. 

The Social Security Benefit Statement helps you find out whether your benefits are subject to tax. It shows you how much you earned in benefits from the previous year. You’ll use this form when you or a tax preparer prepares your taxes. 

When should I expect to receive this form?

The SSA disbursed these statements by mail or through your My Social Security online account in January. You should have already received it. 

I misplaced my benefits statement. What should I do?

US residents can get a replacement form SSA-1099 by visiting their My Social Security online account and requesting a replacement. After you’ve logged in to your account, find the link that says Replace Your Tax Form SSA-1099/SSA-1042. If you live outside the US, the SSA recommends contacting your Federal Benefits Unit.

Here’s how to resolve your Social Security problems and get in touch with an SSA representative.

Source link

Leave a comment