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Screen SSA1042S - Social Security, Tier 1 Railroad Retirement Benefits (1040)
Overview
Source data entry
Use the UltraTax CS Source Data Entry utility to enter data on facsimile versions of forms your clients submit for the preparation of their tax returns. Once the facsimile forms are completed, you can export the data and transfer it into your client data files via the data sharing feature. For more information including a list of available facsimiles, see UltraTax CS Source Data Entry overview.
SSA-1042S Facsimile
note
Fields with a plus sign (+) at the end of the field name aren't used in the tax return, but are available for the Data Mining feature in UltraTax CS. You don't need to enter information in fields marked with a plus sign unless the data in the field will be used for data mining purposes. The application transfers data to these fields from the Source Data Entry utility.
State
Enter a state postal code in this field for proper state processing. See State fields in UltraTax/1040 for more information.
Box 5 Net Benefits for
2024
The application calculates the taxable amount and generates the Taxable Social Security Worksheet based on data entered in this field.
Medicare premiums
Enter Medicare premiums not entered elsewhere in the application. The amount in this field is reported on Schedule A, line 1, Medical and dental expenses.
note
If Social Security benefits received in the current tax year include benefits paid for a prior year, the client's Form SSA-1042S Description of Amount in Box 3 field will contain information about the year and amount of Social Security benefits for that year.
Prescription drug (Part D) premiums
Enter prescription drug (Part D) premiums not entered elsewhere in the application. The amount entered in this field is reported on Schedule A, line 1, Medical and dental expenses.
NRA Other tax rate
If the social security benefits are subject to a tax rate other than 10%, 15%, or 30%, select the other percentage rate from the view. The other tax rates are entered on the NRA screen.
Box 6 Rate of Tax
The amount entered in this field will transfer to the Form 1040NR, Page 4 column for the Not Effectively Connected (NEC) schedule.
RRB-1042S Facsimile
NRA Other tax rate
If the railroad retirement benefits are subject to a tax rate other than 10%, 15%, or 30%, select the other percentage rate from the view. The other tax rates are entered on the NRA screen.
Box 11 Rate of Tax
The amount entered in this field will transfer to the Form 1040NR, Page 4 column for the Not Effectively Connected (NEC) schedule.
Medicare Premium Total
The application reports the amount entered in this field on on Schedule A, line 1, Medical and dental expenses.