topic Re: Question re Social Security and Taxes in Community Chat

Question re Social Security and Taxes

JudyL — Wed, 03 Jan 2024 15:17:02 GMT

Good morning!

2023 was my first year to receive Social Security. I'm wondering do we get a W-2 sort of form from SS like we did from our employer?

Thanks for your help!

Re: Question re Social Security and Taxes

catter70 — Wed, 03 Jan 2024 15:21:39 GMT

Yes.

Re: Question re Social Security and Taxes

skamom — Wed, 03 Jan 2024 15:26:46 GMT

yes, I just got mine yesterday

Re: Question re Social Security and Taxes

Still Raining — Wed, 03 Jan 2024 15:31:32 GMT

Should be a 1099 I think. And yes they know where you live 😵‍💫

Re: Question re Social Security and Taxes

KailaS — Wed, 03 Jan 2024 15:55:01 GMT

Yes, it comes in early January. Mine came yesterday, Jan. 2.

Re: Question re Social Security and Taxes

JudyL — Wed, 03 Jan 2024 15:58:32 GMT

Thank you all for your responses.

@Still Raining - your response made me chuckle. Yes, indeed, they do know where we all live HAHA

Re: Question re Social Security and Taxes

meem120 — Wed, 03 Jan 2024 16:09:44 GMT

Yes I received mine yesterday. I also have my Federal taxes taken out monthly so I dont owe my taxes all at once.

Re: Question re Social Security and Taxes

luvmyteddy4 — Wed, 03 Jan 2024 16:46:31 GMT

If you make under a certain amount you don't have to file a return. It used to be under 24,000 a year, not sure what it is now. I used to file a return but then figured out I didn't need to.

I never file a Federal return but I do file for the Homestead Act to get a refund. It's where you're a certain age or disabled and you own your home and still have a mortgage. It depends on your state too.

I do it online each year.

Re: Question re Social Security and Taxes

CelticCrafter — Wed, 03 Jan 2024 16:58:24 GMT

@meem120 wrote:
Yes I received mine yesterday. I also have my Federal taxes taken out monthly so I dont owe my taxes all at once.

@meem120 I do too and I'm having it changed to a lesser amount. The COLA increase is less than the increase for my Supplement plan, not by much at all, but every year we get $ back on our tax return and I'm not letting them have it to play with all year long anymore.

Re: Question re Social Security and Taxes

Jaspersmom — Wed, 03 Jan 2024 17:08:14 GMT

Yes, you will get a 1099 which will list not only what you collected in SS payments, but what you paid to Medicare as well. I get Medicare Part B reimbursement from my former employer, so I have to send a copy of my 1099 to them. I have federal taxes taken out monthly, so I don't owe anything at the end of the year. It's your call if you want federal taxes taken out, but if you make above a certain income, it might be worth it. You can change it any time by going to the SS website. If I remember correctly, it's a percentage that you choose.

Re: Question re Social Security and Taxes

Icegoddess — Wed, 03 Jan 2024 17:16:39 GMT

@Still Raining wrote:
Should be a 1099 I think. And yes they know where you live 😵‍💫

As opposed to those people calling claiming to be from the IRS who have been trying to get in touch with you, LOL. Hey, I've lived in the same place for over 20 years. I'm not hard to find.

Re: Question re Social Security and Taxes

teganslaw — Wed, 03 Jan 2024 17:26:39 GMT

I have never received mine until the 2nd or 3rd week in January. if some received theirs already, it would mean that W2 was sent out before the end of 2023. I don't understand why SS would send out forms before the end of year. Is this something new?

Re: Question re Social Security and Taxes

bells4me — Wed, 03 Jan 2024 17:44:34 GMT

Yes you will. You claim SS but not taxed since you have already paid taxes when employed on it.

Re: Question re Social Security and Taxes

NicksmomESQ — Wed, 03 Jan 2024 17:51:06 GMT

@bells4me wrote:
Yes you will. You claim SS but not taxed since you have already paid taxes when employed on it.

Unless you make below a certain amount of money, up to 85% of your Social Security is subject to Federal Income Tax.

Since we've been collecting SS, DH & I have always paid income tax on it.

Re: Question re Social Security and Taxes

JudyL — Wed, 03 Jan 2024 18:12:25 GMT

I knew that I had to pay Federal taxes on my SS so have been having an amount deducted each month. Had to estimate on that percentage amount when I signed up so hoping I did ok with that If not, I will have to adjust.

Will wait for the form from SS. I did work for 1 month of 2023 before retiring so need to wait for that W-2 also.

Thank you all for your responses.

Re: Question re Social Security and Taxes

CelticCrafter — Wed, 03 Jan 2024 19:13:56 GMT

@bells4me wrote:
Yes you will. You claim SS but not taxed since you have already paid taxes when employed on it.

That's absolutely false...

Re: Question re Social Security and Taxes

catter70 — Wed, 03 Jan 2024 20:43:49 GMT

I've not yet received my 1099, either. Hoping USPS hasn't lost that like some of my other mail. I also have fed. taxes taken out monthly..

Re: Question re Social Security and Taxes

kze — Wed, 03 Jan 2024 22:54:51 GMT

I never receive my 1099 until the end of January.

Re: Question re Social Security and Taxes

Othereeeen — Wed, 03 Jan 2024 23:53:43 GMT

@bells4me

From Page 9 of Form "Form 1040 Instructions" ( which YOU can Google!!!)

**Gross income means all income you received in the form of money, goods, property, and services that isn't exempt from
tax, including any income from sources outside the United States or from the sale of your main home (even if you can
exclude part or all of it).

Don’t include any social security benefits unless:

(a) you are married filing a separate return and
you lived with your spouse at any time in 2023, or

(b) one-half of your social security benefits plus your other gross
income and any tax-exempt interest is more than $25,000 ($32,000 if married filing jointly).

If (a) or (b) applies, see the
instructions for lines 6a and 6b to figure the taxable part of social security benefits you must include in gross income"

Hope this helps!

Google "Form 1040 2023 Instructions" then see PAGE 9).

Depending on your other sources of taxable income, up to 85% of your SS may be subject to income tax.

Re: Question re Social Security and Taxes

jannabelle1 — Thu, 04 Jan 2024 00:32:40 GMT

I'm in the same boat so to speak. I have way too much taken out of my social security in federal taxes. I need to change it, but the only way to do that is to visit the local social security office. For some reason, that can't be done online, unfortunately. I've said for the last 5 years that I need to go to the social secuity office to change it and still haven't done it!