ThomasM125
Expert Alumni

Retirement tax questions

That means that you have already included social security payments on your tax return in a previous year that had to be paid back. You must have benefits repaid in Box 4.

 

If the amount in box 5 is less than $3,000, you can deduct the repayments on this year's tax return as itemized deductions. Since most people don't itemize anymore, that may not benefit you.

 

If more than $3,000 you can refigure your tax in the year the benefits where paid back to and enter the tax benefit on our current year tax return. Please respond if this applies to you and someone will explain how to do this.

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