As of today Social Security has completed mailing form 1099 to all Disability and Retirement beneficiaries. The amounts on this 1099 have been reported to IRS for tax purposes. Remember, Social Security benefits (with the exception of SSI) are not exempt from Federal income tax. Whether or not you have to pay income tax at the end of the year depends on how much other income you receive and what tax bracket you fall into.
If you did not receive your form 1099 form Social Security or have lost it, today is the first day to call and request a replacement. You do not have to have the paper copy to file your income tax; a Social Security representative can give you the amounts over the phone by calling Social Security’s 800 number.
There are three amounts you will need: the amounts paid to you by check or direct deposit, the amount paid to Medicare for premiums, and the sum of the two amounts. If you had payments returned to Social Security for any reason (for example if your bank account was closed and the direct deposit was returned to Social Security) there will be another important amount on the 1099. This amount shows money returned to Social Security.
When you have money returned to Social Security for a given tax year, the total amount paid to you by check or direct deposit will be over by the amount returned. Social Security has to account for money that was reissued to you; as a result, any money that was returned and reissued will also appear in the total you were paid for the year. For tax purposes you need to make sure and use the amount that was returned to Social Security or you will be off on your total annual income.
To request a replacement 1099 or to get the amounts you were paid for tax year 2005, contact Social Security at 1-800-772-1213.