If the income is currently being received, enter it on the Income screen as Wage-Like income.
To enter projected Social Security income, click more info on that line.
The software will ask you to enter the income projected at regular retirement. The client can get this by logging in to their account on the Social Security web site, www.ssa.gov.
You then specify when the person will start taking Social Security payments.
The law provides that the payment is reduced if you start earlier than your regular retirement age.
Conversely, the payment is increased if you start later.
When you enter the start date for payments, the software will automatically decrease or increase the payment by the appropriate amount.
Or, you can override our calculations to specify exactly what the payments will be and when they will occur.