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posted Sep 6, 2022 10:58:29 AM

Do i need to file an amended return if social security takes back money this year for money i received last year that was taxable at 85%

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Level 15
Sep 6, 2022 11:29:38 AM

No, you do not amend a prior year tax return if the repayment of the Social Security benefits were repaid in 2022.

 

When you receive your Form SSA-1099 in January the amount repaid will be shown in box 4 of the form.  Report the SSA-1099 received on your 2022 tax return.

 

However, see IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits page 15 - https://www.irs.gov/pub/irs-pdf/p915.pdf#page=15

If the total amount shown in box 5 of all of your Forms SSA-1099 and RRB-1099 is a negative figure, you may be able to deduct part of this negative figure that represents benefits you included in gross income in an earlier year, if the figure is more than $3,000. If the figure is $3,000 or less, it is a miscellaneous itemized deduction and can no longer be deducted.