Every year at tax time it’s the same exasperating ritual—collecting the mountains of paper that show the IRS how much money you made, and how many legitimate deductions you get. If you’re receiving Social Security benefits, you have to include form SSA-1099, the Social Security Benefits Statement. If you’re a nonresident alien, it’s Form SSA-1042S. Both forms show the total amount of benefits you received the previous year and how much Social Security income to report to the IRS.
The Social Security Administration (SSA) mails the tax forms in January. But let’s say you like to file your taxes as early as possible and by February 1 your hard copy statement hasn’t arrived. You don’t want to go through the process of waiting for SSA to mail another one through the United States Postal Service (another government agency). You can download a copy of your form online from your My Social Security account.
Once you’ve signed in to your account, the My Social Security home page pops up. You’ll see four boxes. You want to click the one titled “Replace Your Tax Form SSA-1099/SSA-1042S”; click the title; choose the year for which you want a Social Security Benefits Statement; click “download” and you’re done.
If you don’t have a My Social Security account, it’s easy to create one. Go to SSA.gov/my account and click “Create an account.” Verify your identity, create a username and password and enter a security code SSA sends to your phone or email address.
Part of the verification process may include answering questions based on information that appears on your credit report. Don’t worry if you’ve placed a fraud alert or a freeze on credit report as identity theft protection. Follow the SSA’s instructions for lifting the freeze temporarily. If you don’t want to unfreeze your report, you can contact your local Social Security office for assistance. Once your account is open, you can choose to receive all Social Security communications by email. Go to “Opt out of mailed notices that are available online.”
Besides getting tax forms, there are other reasons to have a My Social Security Account. You can get:
- Your most recent Social Security statement
- Your earnings history
- Projections of future Social Security benefits
- Replace your Social Security card
- Get a Benefit Verification Letter
- Check your eligibility for Social Security
- Update your Medicare (yes Medicare) address and phone number
- Replace your Medicare card
- See Medicare details if you are enrolled in Medicare
And there’s one additional benefit—fighting identity theft. If you haven’t created a My Social Security account, someone who has stolen your personal information can create one. Then, they have control of your account and can use it to divert your Social Security benefits into their own bank account.
Once you’ve established your My Social Security account, no one else can open one in your name with your Social Security number. So, even if you’re not receiving benefits yet, create an account and shut down any attempts to steal what you’ve worked so hard to build.
Disclaimer
This information is presented for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy any investment products. None of the information herein constitutes an investment recommendation, investment advice or an investment outlook. The opinions and conclusions contained in this report are those of the individual expressing those opinions. This information is non-tailored, non-specific information presented without regard for individual investment preferences or risk parameters. Some investments are not suitable for all investors, all investments entail risk and there can be no assurance that any investment strategy will be successful. This information is based on sources believed to be reliable and Alhambra is not responsible for errors, inaccuracies, or omissions of information. For more information contact Alhambra Investment Partners at 1-888-777-0970 or email us at [email protected].
