How to Prepare for Tax Season if You Receive Social Security Retirement Benefits
By now you should have received your Social Security benefit statement, also known as form SSA-1099. It shows how much you received in retirement benefits last year. According to an article by CNET, these statements are distributed in January either by mail or through your My Social Security online account.
If you have not received yours, you will want to access your online account to request a replacement. To do so, simply log into your account and click the link that says Replace Your Tax Form SSA-1099.
Your Social Security benefit statement helps you determine whether your benefits are subject to tax. If monthly benefits are your primary source of income you will probably not need to file taxes. However, if you need to file income tax you will need to provide your tax preparer with this benefit statement.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.
