We're deep into tax season, and the days left for filing are numbered. Millions of taxpayers are busy gathering all the forms and documents they need to file their federal, state and local tax returns. The SSA public affairs office wants to pass along this important information.
It is important to remember that some people who receive Social Security may have to pay taxes on a portion of their benefits. If you're one of these individuals, a Social Security Benefit Statement (Form SSA-1099) is an important tax document for you to have.
If you normally don't file a tax return and are doing so this year only because of the stimulus payment, you don't need your 1099. But if you normally do file a tax return, you should be sure that you have a 1099 when you file this year.
The SSA-1099s for tax year 2007 were automatically mailed to beneficiaries by Jan. 31. If you or someone you know who receives Social Security has not yet received a Form SSA-1099 for 2007, but needs to file a tax return, there's no need to worry. You can request a replacement online at www.socialsecurity.gov.
The SSA-1099 shows the total amount of benefits received in the previous year and is used to find out if any benefits are subject to tax, and to complete a federal income tax return. The federal tax laws about Social Security benefits state that:
Up to 50 percent of Social Security benefits may be subject to income tax for individuals with a combined income between $25,000 and $34,000, or for couples with a combined income between $32,000 and $44,000; and
Up to 85 percent of Social Security benefits may be subject to income tax for individuals with a combined income above $34,000, or for couples with a combined income above $44,000. ("Combined income" means adjusted gross income, plus nontaxable interest, plus half of Social Security benefits.)
About a third of Social Security beneficiaries have incomes that exceed the thresholds, requiring them to pay taxes on a portion of their Social Security benefits. For more information on taxation of Social Security benefits, visit the IRS website at www.irs.gov.
Remember that if you normally don't file a tax return and the only reason you plan to this year is to receive your stimulus payment, you won't need a 1099 for that. All you need to do is to fill out an estimate of how much your benefits were during 2007 based on your monthly payment amount on an IRS form 1040 or 1040A.
For more information about Social Security, or to request a replacement SSA-1099, visit
www.socialsecurity.gov. Or you can call Social Security's toll-free number, (800) 772-1213 and ask for a replacement SSA-1099.
Kemp Baratier is district manager for the Social Security Administration in Oneonta.
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