Common Questions About 1099 and Social Security

December 18, 2024

Video Transcript

Attorney Teresa Rerko addresses common questions regarding the 1099 form sent by the Social Security Administration, particularly for those receiving Social Security Disability or other benefits. She explains that the 1099 includes both received benefits and offsets, like Medicare premiums or worker’s compensation. A common concern is about the tax implications of the total amount reported. Rerko advises consulting a tax professional, as the entire amount may be taxable, but deductions and exemptions could reduce the taxable income.