If a Social Safety beneficiary’s solely supply of earnings all year long is their advantages, they usually need not file a tax return. However there are all the time exceptions and conditions. For those who aren’t 100% sure whether or not you do or need not file a tax return as a Social Safety recipient, this assertion goes that can assist you out.
Your Social Safety Profit Assertion is a doc the federal government sends to recipients each January forward of tax season. You can too discover it on-line by means of your My Social Safety account.
For those who obtain Social Safety advantages, you may want this assertion to file your 2022 tax return this 12 months, so do not throw it away. However in case you already did, we additionally clarify how one can get a substitute.
So what precisely is the assertion and why is it so vital? We’ll get into all of that beneath.
For extra, this is the best way to maximize your tax refund and the best way to see when you overpaid your taxes in 2020.
What’s the Social Safety Profit Assertion?
The Social Safety Profit Assertion, also referred to as Type SSA-1099, exhibits you the profit quantity you earned final 12 months. (Non-citizens dwelling exterior the US obtain SSA-1042S as a substitute.) The assertion gives beneficiaries with data they will use once they full their federal tax return.
The Social Safety Administration has been sending out this kind yearly since 1999, in line with the SSA’s web site. Supplemental Safety Earnings recipients don’t obtain this assertion.
What ought to I exploit the assertion for?
Typically, Social Safety recipients do not should file a tax return if their major 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 turns out to be useful.
The Social Safety Profit Assertion helps you discover out whether or not your advantages are topic to tax. It exhibits you ways a lot you earned in advantages from the earlier 12 months. You will use this kind whenever you or a tax preparer prepares your taxes.
When ought to I count on to obtain this kind?
The SSA disbursed these statements by mail or by means of your My Social Safety on-line account in January. It is best to have already acquired it.
I misplaced my advantages assertion. What ought to I do?
US residents can get a substitute type SSA-1099 by visiting their My Social Safety on-line account and requesting a substitute. After you’ve got logged in to your account, discover the hyperlink that claims Exchange Your Tax Type SSA-1099/SSA-1042. For those who stay exterior the US, the SSA recommends contacting your Federal Advantages Unit.
This is the best way to resolve your Social Safety issues and get in contact with an SSA consultant.
