I know this thread is from last year, but after reviewing Publication 915, it doesn't look like there were any significant change to my current situation and so I was hoping to get clarification, here.
Because of a mix-up in repayment (superfluous, really), my repayment of benefits from 2023 and 2024 was split into 2 payments, with the first payment of $16,xxx being processed at the end of 12/24 and the 2nd payment of $15,xxx not being processed until 1/1/25. The situation complicated things, unnecessarily, for me come tax time. I was able to refigure my taxes from 2024 to deduct the $16,xxx and claim a credit for 2025. Now I'm trying to refigure my 2025 taxes, but subtracting the $15,xxx gives me a negative amount for SSA-1099 reporting. It appears that TT does not calculate a negative amount, as the tax is the same whether my benefits are $0 or a negative amount.
My question is:
Can I deduct the full amount or remaining amounts from prior years of overpayments (2023, for instance)? Should I split refigured amounts between years or is that just inappropriate and overcomplicating?
In hindsight, I should have refigured my 2023 taxes last year and saved this years for 2024, but that is no longer an option.
