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Is there a Payer ID number for Social Security? Nothing

Is there a Payer ID...
Is there a Payer ID number for Social Security? Nothing appears on my SSA-1099. Also, I had a car accident and totaled my car. Is there a place to enter that?
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Answered in 25 minutes by:
3/13/2018
James Daloisio
James Daloisio, Tax Attorney
Category: Tax
Satisfied Customers: 726
Experience: 24 years of continuing education and experience.
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Hi, my name is ***** ***** welcome to Just Answer.

No, there is no payer number on your 1099-SSA. You don't need one. No software program is going to ask you for it, and if you prepare a paper return, there's nowhere to put it. You just report your earnings and then calculate whether any of those earnings are taxable based upon your other income, if any.

Yes, if you itemize deductions on Schedule A there is a section called "Casualty and Theft Losses." Your deduction is your basis in the property (usually cost less depreciation) minus any insurance reimbursement, or the reduction in the fair market value of the car minus any insurance reimbursement. You are required to use the lesser of the two figures, "basis" or "reduction in fmv."

This loss is subject to two thresholds: first, calculate your loss and then subtract $100; then, subtract 10% of your adjusted gross income. If there's anything left, that's your casualty loss.

Example: You paid $25,000 for your car two years ago. It has depreciated to $18,000. Now it's totalled. Your insurance company paid you $10,000. So you have an $8,000 loss.

1. subtract $100 = $7,900

2. subtract 10% of your AGI: (If your AGI is more than $79,000, you have nothing to deduct; but as an example:) AGI is $50,000, x 10% = $5,000, so subtract $5,000 from $7,900, and you have a deductible loss of $$2,900.00.

That's how it works.

Hope that answered your question. If so please don't forget to rate this answer. You can always return here with follow up questions on this topic at no additional charge, and Thank You for using Just Answer.

James Daloisio
James Daloisio, Tax Attorney
Category: Tax
Satisfied Customers: 726
Experience: 24 years of continuing education and experience.
Verified
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