TN 8 (02-17)
GN 05002.014 Social Security Statement-Box 5, Net Benefits
A. Description of Box 5
Box 5 shows the total benefits paid in Box 3 less benefits repaid in Box 4. The beneficiary or taxpayer uses the net benefits paid to determine whether Social Security benefits are subject to federal income tax. Sometimes, due to internal adjustments, boxes 3 and 4 show inflated figures. However, such figures cancel out each other and the net benefit will be correct.
The sum of the benefits repaid (Box4) may exceed the total benefits paid (Box 3). When this occurs, Box 5 will show a negative amount in parentheses, such as ($560.00).