Social Security 1099-R Question

[USGrant1962]

I'm looking at starting DW's SS at the end of this year. She's 62 and the lower earner, we're doing the 62/70 thing. We're delaying her start some months because our income is rather high this year and for tax purposes we don't need her SS on top of our other income. My consulting gig will drop off next year so we'll go ahead and pull the trigger on her SS.

My question is does the SS 1099-R reflect when-paid amounts? I assume so, in which case we will start in December (paid in January). I wouldn't imagine it reflects the benefit month, but you never know with the government.

 

[5Miler]

Yes, the 1099R will reflect when paid amounts. When I started mine a few years ago, I purposely started in Nov to get my first payment in Dec. My 1099R for that year showed just the one month of benefits for my Dec payment.

 

[jebmke]

Yes; when paid. I started Jan, 2023 (first payment in Feb.); my 1099 reflected 11 months.

 

[joesxm3]

If you turn 70 in November should your first month be October or November?

 

[latexman]

If you turn 70 in November should your first month be October or November?

What do you mean by first month? The month to apply for SS, the month to claim SS benefits, or the month to get your first payment? I would apply about 2-3 months before November, claim for age 70 benefits for the month of November (birth month), and receive the first payment in December.

 

[Dtail]

If you turn 70 in November should your first month be October or November?

Amount paid in arrears.
So the first months payment is in December related to starting SS in November.

 

[joesxm3]

Ok. So if I want to start at 70 I should apply 2 or 3 months before and ask to start at 70.

That will use up all the "up to 70" increase and November will be my first month and first payment will arrive in december.

With November being my first month, will the November Medicare payment be paid by SS or would I have to make the November payment as my last by me payment?

I am on auto pay so I suppose they will sort it out one way or another.

 

[oldtimer]

Ok. So if I want to start at 70 I should apply 2 or 3 months before and ask to start at 70.

That will use up all the "up to 70" increase and November will be my first month and first payment will arrive in december.

With November being my first month, will the November Medicare payment be paid by SS or would I have to make the November payment as my last by me payment?

I am on auto pay so I suppose they will sort it out one way or another.

Medicare premiums are prepaid, so need to pay for the November Medicare premium at end of October. Your November SS benefit that is deposited in December may have paid the December Medicare premium. If not they should start soon and they will reimburse any double payments for Medicare premiums.

 

[SecondCor521]

As an aside, SS benefits are reported on a 1099-SSA, not a 1099-R.