ThomasM125
Expert Alumni

Get your taxes done using TurboTax

There is no rule as you mention exempting tax on social security in the first year of retirement. It is possible you are confused regarding the amount of benefits receivable or the affect your income has on the benefits you receive in the first year of receiving benefits. 

 

No, there is no way of changing the amount of benefits showing as taxable on your tax return. If the taxable amount of benefits listed on your return is wrong, the IRS would correct it when you file your tax return, as the calculation would be done by them independent of what you entered on the tax return. As such, they would adjust your return to reflect the correct amount of taxable benefits and correct your tax accordingly.

 

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