It depends. If I understand your comments, you know the correct amounts of social security received and the repayment amounts. File the current year immediately. Some things to keep in mind.
- Social security is included in your tax return in the year received.
- Repayments are handled on the tax return in the year of the repayment - no amendment for a repayment.
- If there is any repayment in the current tax year for any amount of current year social security payments received, then the adjustment is made when entering the social security for the current tax year.
- TurboTax can walk you through a 'lump sum' payment.
- The repayment, called a 'claim of right' for any social security that was included in taxable income in a prior year, can also be handled in TurboTax. What is a claim of right?
There is no reason a tax professional wouldn't be able to prepare and file your tax returns with the best information you have. An amendment can always be completed if necessary. You can also contact the Taxpayer Advocate Service (TAS), who is there to assist you when having difficulty with the IRS. They could guide you as to the next steps, however I would not delay in filing returns if you feel confident in the dollar amounts as indicated.
- You can click here to begin: TAS Qualifier Tool. or
- Submit a request for assistance - Form 911 Request for TAS Assistance (instructions are included)
- Locate the local TAS Office for your area
Take one step at a time and it will all come together.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
