Yardley CPA Posted March 1, 2015 Report Posted March 1, 2015 Please confirm my understanding that the amount that should be reflected on line 20a (form 1040) for Social Security Benefits is the amount in Box 5 (Pink shaded box on SSA-1099). Thats what I've always used and that is what the instructions on ATX ask for. I have a new client who is paying a bit more in tax this year compared to last. In reviwing her return last year, I noticed that the preparer used Social Security Benefits "Paid by check or direct deposit" as the amount on line 20a. Seems like a mistake in my book but wanted to throw this out there to make sure I wasnt missing something?? Thanks! Happy Sunday! We're expecting some Snow and Ice in the suburbs of Philadelphia today. Quote
mcb39 Posted March 1, 2015 Report Posted March 1, 2015 Yes, you are absolutely correct. Box 5 it is! We are getting little flakes right now, but Tues is supposed to be the bad one. 3 Quote
easytax Posted March 1, 2015 Report Posted March 1, 2015 Please confirm my understanding that the amount that should be reflected on line 20a (form 1040) for Social Security Benefits is the amount in Box 5 (Pink shaded box on SSA-1099). Thats what I've always used and that is what the instructions on ATX ask for. I have a new client who is paying a bit more in tax this year compared to last. In reviwing her return last year, I noticed that the preparer used Social Security Benefits "Paid by check or direct deposit" as the amount on line 20a. Seems like a mistake in my book but wanted to throw this out there to make sure I wasnt missing something?? Thanks! Happy Sunday! We're expecting some Snow and Ice in the suburbs of Philadelphia today. Yes, you are absolutely correct. Box 5 it is! We are getting little flakes right now, but Tues is supposed to be the bad one. In PA --- we have BIG flakes --- we call them politicians ---- Yardley, Box 5 is correct. Here is where the "other" preparer made a mistake ----- Many of the SSA-1099 state something such as you posted, in box 3. Box 3 is to explain where the Social Security money went --- to part-B, etc. and one line states that "paid by check or direct deposit" (which is lower than the box 5 number). The mistake is that the recipient actually received all of the box 5 number, while only the amount shown in box 3 was "paid by check or direct deposit". We in south central PA will send all we can of this ice and snow east to you. Have a GREAT season! 3 Quote
Yardley CPA Posted March 1, 2015 Author Report Posted March 1, 2015 Easytax...I certainly appreciate your input and info regarding my SSA-1099 question. Much appreciated. As for your suggestion of sending ice and snow this way, I'll refuse that. Keep it there as we have enough to deal with in south eastern PA. Think whatever you want to think of me...ungrateful, unappreciative...whatever. 1 Quote
Lion EA Posted March 1, 2015 Report Posted March 1, 2015 We in the east have no need of more ice and snow, including that which has been falling all afternoon and still this evening. Please keep it to yourself. Quote
BulldogTom Posted March 2, 2015 Report Posted March 2, 2015 We in the east have no need of more ice and snow, including that which has been falling all afternoon and still this evening. Please keep it to yourself. Please ship it to the Sierra Nevada Mountains in CA. We will take it all, gladly. Our farmers will get no water from the Federal Government again this year and only 15% of their allotment from the State. If you will send us snow, we will send back cheap fruits and vegetables this spring and summer. If we don't get some water, you will be paying a metric $h1t ton more for your fruits and veggies this year, if they are available at all. Tom Newark, CA 3 Quote
jklcpa Posted March 2, 2015 Report Posted March 2, 2015 Please ship it to the Sierra Nevada Mountains in CA. We will take it all, gladly. Our farmers will get no water from the Federal Government again this year and only 15% of their allotment from the State. If you will send us snow, we will send back cheap fruits and vegetables this spring and summer. If we don't get some water, you will be paying a metric $h1t ton more for your fruits and veggies this year, if they are available at all. Tom Newark, CA How I wish we could! We had sleet and freezing rain most of the day and everything is like an ice rink. My back yard has 1/2 inch of ice on top of snow that hasn't gone away, and tomorrow it will start to melt into small ponds and refreeze later as the temps drop down into the teens. There was the possibility of power outages, but the wind was light enough that we seemed to have dodged that one. I'll be cancelling more appts tomorrow morning until my sidewalk and office steps are safe. ~sigh~ Quote
Lion EA Posted March 2, 2015 Report Posted March 2, 2015 And, we got an email from our plow guy who's out of state with planes canceled.... Quote
TAXMAN Posted March 3, 2015 Report Posted March 3, 2015 I even had a box 5 show a negative amount because of the paybacks. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.