Can I claim lost income on taxes? I am retired but went back. I have to pay 10% into the system but get no benefit from paying it in and never will.

[ErnieS0]

If I understand your question, you paid back retirement benefits after being rehired. You may be able to claim a deduction or credit on the repayment. It depends on the year.

If you received a benefit and repaid it the same year, the benefit provider should subtract that on the form.

For example, if you received a $10,000 pension payment and paid back $6,000 during the same year, then you should get a 1099 showing $4,000 in income ($10,000-$6,000).

If you received your payment in 2021 and paid it back in 2022, then you can claim either a deduction or credit if it was more than $3,000.

See Repayments.