Social Security amounts differ from Quicken and 1099-SM. Why?

mstv01

Hi,
Was pulling up the tax report and noticed the amount listed for Social Security income was different from what the 1099-SM showed. For my husband, it was negative on Q by $1,258.80 and for me negative by $30.60.
What would cause that difference?

Frankx

Hi @mstv01.

It is actually hard to say why there are differences.  First, I'm not sure which box on the form you are trying to match to Quicken. Also, a difference could be caused by timing differences between when the Social Security payments were deposited in your bank account at the beginning or end of the year (i.e. timing differences). If you were required to repay amounts back to the government that could be part of the difference.  Or there could have been errors on entries made in Quicken so that the income was recorded in a different category.

In any case - I would suggest that for tax purposes you should use the amounts recorded on the 1099 form, since that will be matched by the IRS and any difference could cause a delay in processing your tax return.

Frankx

Frankx

Hi @mstv01.

It is actually hard to say why there are differences.  First, I'm not sure which box on the form you are trying to match to Quicken. Also, a difference could be caused by timing differences between when the Social Security payments were deposited in your bank account at the beginning or end of the year (i.e. timing differences). If you were required to repay amounts back to the government that could be part of the difference.  Or there could have been errors on entries made in Quicken so that the income was recorded in a different category.

In any case - I would suggest that for tax purposes you should use the amounts recorded on the 1099 form, since that will be matched by the IRS and any difference could cause a delay in processing your tax return.

Frankx