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Repayment of SSI lump sum to private insurance carrier in connection with tax free private LTD
I had a lump sum payment in 2022, for which portions were related to 2019 through 2021. During the time I was receiving a tax free payment from my private insurance carrier because I had "purchased" the annuity (i.e., I payed the premiums, not my employer). I had to repay all of the SSI payments to my private insurance carrier up until the point they were able to reduce their obligation by the amount I now receive via SSI. I've now received a letter from my insurance carrier outlining the repayment (a bit over $82,000), and it is unclear to me if I'm able to deduct this repayment given the prior year payments were not taxable, and therefore not reported in my prior year filings. It is unclear to me if I'm able to deduct this repayment, or otherwise take a credit in my 2022 tax filing. Any clarification would be a great help. Ray