How to handle consequence of Withdrawl from Social Security Request
One has 12 months to file a request to withdraw their application for social security (at 62 in my case). It is supposed to be as if you turned back the decision and it never occurred. I have two weeks to finalize the paperwork. My question is if I decide to do this it means I must payback all funds paid out to me. How do I handle this on my 2020 tax return? The SS began last May and continued until they accept my request to withdraw application. Further complication is that I voluntarily had tax deducted on monthly payment (which must also be paid back). How do I handle the situation I've described? It will involve both 2020 & 2021 tax returns I assume. To be clear, I have not submitted my 2020 return and take appropriate actions in light of this situation if I know what the appropriate actions are. Trying to think ahead I guess.
