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The Social Security Admin advises me the IRS claims I

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The Social Security Admin...

The Social Security Admin advises me the IRS claims I received $53,846.00 in tax exempt interest income in 2016. This is not correct. I only received $6038.00 in tax exempt interest income. How can this be corrected?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

The SSA advises that my adjusted gross income of $77,848.00 (which is correct) plus the additional $53,846.00 causes me to pay an xtra Medicare part B premium. I need a letter of correction from the IRS to settle this with the SSA.

Submitted: 4 months ago.Category: Tax
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11/29/2017
Tax Professional: Lev, Tax Advisor replied 4 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,689
Experience: Taxes, Immigration, Labor Relations
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Tax exempt interest income is reported on form 1099INT box 8

https://www.irs.gov/pub/irs-pdf/f1099int.pdf

That is the form issued by the payer and sent to you and to the IRS.

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Tax Professional: Lev, Tax Advisor replied 4 months ago

Your first step would be to order your tax account transcript and verify whether that amount is reported correctly.
If yes - you may provide that transcript to the SSA to verify if Medicare premiums are determined properly.

If indeed the tax exempt interest was incorrectly reported on form 1099INT - you would need to communicate with the sender and ask for correction.

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