How to Best Manage a Social Security 1099 for 2020

If you are a personal accountant working specifically for elderly individuals or nursing homes, you’re likely no stranger to the SSA 1099 form 2020. As you begin to prepare for another tax filing season, there are certain things worth keeping in mind. Additionally, there is certain information that is important to share with your clients.

When Do Seniors Receive a SSA-1099?

The Social Security Administration sends senior citizens a SSA-1099 tax form each January. These are sent to individuals who receive social security benefits. The form is meant to reflect the total amount of benefits that an individual has received from social security in the previous year. The social security 1099 for 2020 is provided so individuals, or their accountants, can determine how much social security income must be reported to the Internal Revenue Service on a person’s tax return.

There are a few additional details that are important to make clients aware of regarding the SSA 1099 form 2020. Non-residents who live in the country and either received or repaid their social security benefits last year will receive the Form SSA-1042S. Separately, individuals will not get the forms SSA-1099 or SSA-1042S if they receive Supplemental Security Income.

If your client does not receive an SSA-1099 or needs a replacement, there is an updated way to receive a new social security 1099 for 2020. Using one’s “my Social Security” account, personal accountants can select the “Replacement Documents” tab. Other traditional ways of receiving a replacement form include calling the Social Security Administration at 1-800-772-1213 (TTY 1-800-325-0778) or contacting the local social security office.


What Information is on a SSA-1099?

The first box on the Form SSA-1099 is where the name will be shown for the individual who has received social security benefits in the last year. The second box shows the beneficiary’s social security number. The third and fourth boxes, respectively, are designated to reflect the benefits paid the previous year and the benefits repaid to the Social Security Administration. The other boxes on the social security 1099 for 2020 form include the previous year’s net benefits, a description of the amounts listed in the third and fourth boxes, the voluntary federal income tax withheld, the senior citizen’s address, and a claim number that can be utilized should you need to contact the Social Security Administration.


Best Software for SSA-1099 Forms

The population in the United States continues to rapidly age. It is projected that by 2060, the population of North Americans 65 and older will nearly double from 52 million in 2018 to 95 million. Now, with more Americans over 65, personal accountants need a software capable of supporting the tax and wage forms that apply to the demographic. Advanced Micro Solutions offers a W2 and 1099 Software Filer and a 1042-S Filer. These filers are complete database systems that generate the forms that can be used to efficiently complete tax returns once a client receives their social security 1099 for 2020.

Software Solutions from AMS

Our W-2 and 1099 Forms Filer is our only required platform. From there, users pick the services they need. Choose from the tools below to build out your customized accounting software.