Tax season is kicking off on Jan. 29, which is when the IRS will start accepting and course of tax returns. As a Social Safety beneficiary, you will want your Social Safety profit assertion to file. This letter may also enable you discover out in case your advantages are taxable this 12 months — particularly with final 12 months’s 8.7% COLA enhance.
These statements ought to be circulating via the mail this month, so if you have not acquired yours but, control your mailbox. In case you have acquired it however you misplaced it or by chance threw it away, we’ll clarify what to do.
We’ll clarify what this assertion is and why it is essential. This is extra on whether or not you will have to file your taxes this 12 months as a Social Safety recipient.
What’s the Social Safety Profit Assertion?
The Social Safety Profit Assertion, often known as Kind SSA-1099, reveals you the profit quantity you earned final 12 months. (Non-citizens dwelling outdoors the US obtain SSA-1042S as an alternative.) The assertion gives beneficiaries with info they’ll use after they full their federal tax return.
The Social Safety Administration has been sending out this type yearly since 1999, in line with the SSA’s web site. Supplemental Safety Revenue recipients don’t obtain this assertion.
What ought to I take advantage of the assertion for?
Usually, Social Safety recipients do not must file a tax return if their main supply of earnings is their month-to-month advantages. However for many who produce other sources of earnings in addition to Social Safety advantages, it may be tougher to inform whether or not they’re or aren’t required to submit a tax return or what proportion of their earnings is taxable. That is the place the Social Safety Profit Assertion is useful.
The Social Safety Profit Assertion helps you discover out whether or not your advantages are topic to tax. It reveals you ways a lot you earned in advantages from the earlier 12 months. You will use this type while you or a tax preparer prepares your taxes.
When ought to I count on to obtain this type?
The SSA disburses these statements by mail or via your My Social Safety on-line account all through January, earlier than the beginning of tax season.
I misplaced my advantages assertion. What ought to I do?
US residents can get a alternative type SSA-1099 by visiting their My Social Safety on-line account and requesting a alternative. After you have logged in to your account, discover the hyperlink that claims Substitute Your Tax Kind SSA-1099/SSA-1042. For those who stay outdoors the US, the SSA recommends contacting your Federal Advantages Unit.
This is tips on how to resolve your Social Safety issues and get in contact with an SSA consultant.