Tax Guide for Social Security and Railroad Retirement (Tax Bible Series)
Book Details
Author(s)Alexandeer Schaper
Publisherirspubs.com
ISBN / ASINB00AIEPP9E
ISBN-13978B00AIEPP95
Sales Rank694,984
MarketplaceUnited States 🇺🇸
Description
This publication explains the federal income tax rules for social security benefits and equivalent tier 1 railroad retirement benefits. It is prepared through the joint efforts of the Internal Revenue Service (IRS), the Social Security Administration (SSA), and the U.S. Railroad Retirement Board (RRB).
Social security benefits include monthly retirement, survivor, and disability benefits. They do not include supplemental security income (SSI) payments, which are not taxable.
Equivalent tier 1 railroad retirement benefits are the part of tier 1 benefits that a railroad employee or beneficiary would have been entitled to receive under the social security system. They are commonly called the social security equivalent benefit (SSEB) portion of tier 1 benefits.
If you received these benefits during 2012, you should have received a Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Payments by the Railroad Retirement Board (Form SSA-1042S, Social Security Benefit Statement, or Form RRB-1042S, Statement for Nonresident Alien Recipients of: Payments by the Railroad Retirement Board, if you are a nonresident alien) showing the amount.
Note.
When the term “benefits†is used in this publication, it applies to both social security benefits and the SSEB portion of tier 1 railroad retirement benefits.
What is covered in this publication. This publication covers the following topics:
• Whether any of your benefits are taxable,
• How much is taxable,
• How to report taxable benefits,
• How to treat lump-sum benefit payments, and
• Deductions related to your benefits, including a deduction or credit you can claim if your repayments are more than your gross benefits.
The Appendix at the end of this publication explains items shown on your Form SSA-1099, SSA-1042S, RRB-1099, or RRB-1042S.
What is not covered in this publication. This publication does not cover the tax rules for the following railroad retirement benefits:
• Non-social security equivalent benefit (NSSEB) portion of tier 1 benefits,
• Tier 2 benefits,
• Vested dual benefits, and
• Supplemental annuity benefits.
For information on these taxable pension benefits, see Publication 575, Pension and Annuity Income.
This publication also does not cover the tax rules for foreign social security benefits. These benefits are taxable as annuities, unless they are exempt from U.S. tax or treated as a U.S. social security benefit under a tax treaty.
Social security benefits include monthly retirement, survivor, and disability benefits. They do not include supplemental security income (SSI) payments, which are not taxable.
Equivalent tier 1 railroad retirement benefits are the part of tier 1 benefits that a railroad employee or beneficiary would have been entitled to receive under the social security system. They are commonly called the social security equivalent benefit (SSEB) portion of tier 1 benefits.
If you received these benefits during 2012, you should have received a Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Payments by the Railroad Retirement Board (Form SSA-1042S, Social Security Benefit Statement, or Form RRB-1042S, Statement for Nonresident Alien Recipients of: Payments by the Railroad Retirement Board, if you are a nonresident alien) showing the amount.
Note.
When the term “benefits†is used in this publication, it applies to both social security benefits and the SSEB portion of tier 1 railroad retirement benefits.
What is covered in this publication. This publication covers the following topics:
• Whether any of your benefits are taxable,
• How much is taxable,
• How to report taxable benefits,
• How to treat lump-sum benefit payments, and
• Deductions related to your benefits, including a deduction or credit you can claim if your repayments are more than your gross benefits.
The Appendix at the end of this publication explains items shown on your Form SSA-1099, SSA-1042S, RRB-1099, or RRB-1042S.
What is not covered in this publication. This publication does not cover the tax rules for the following railroad retirement benefits:
• Non-social security equivalent benefit (NSSEB) portion of tier 1 benefits,
• Tier 2 benefits,
• Vested dual benefits, and
• Supplemental annuity benefits.
For information on these taxable pension benefits, see Publication 575, Pension and Annuity Income.
This publication also does not cover the tax rules for foreign social security benefits. These benefits are taxable as annuities, unless they are exempt from U.S. tax or treated as a U.S. social security benefit under a tax treaty.
