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poms55chevy
New Member

I had to pay back social security can i claim the payment on taxes

 
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Heather_Billings
New Member

I had to pay back social security can i claim the payment on taxes

Yes - you can claim a repayment of social security benefits.  The way repayment is claimed depends in which year income was repaid and how much the repayment was.

If you repay income in the same year(such as Social Security benefits) you can net the repayment amount against the amount reportable as income.

A taxpayer who repays an amount that was reported as income in an earlier year may claim a tax deduction or tax credit for the repayment in the year the income is repaid.

If amount of the repayment is:
 
$3,000 or Less. Claim a miscellaneous itemized deduction on Schedule A (subject to the 2%-of-AGI limitation). If the taxpayer does not itemize, the tax benefit is lost." The data entry is located in the Deductions/Credits section.

Repayment over $3,000. If the amount you repaid was more than $3,000, you can deduct the repayment (as explained under Type of deduction , earlier). However, you can choose  to deduct it as a deduction or a credit. You may choose the method that benefits you most.

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6 Replies
Heather_Billings
New Member

I had to pay back social security can i claim the payment on taxes

Yes - you can claim a repayment of social security benefits.  The way repayment is claimed depends in which year income was repaid and how much the repayment was.

If you repay income in the same year(such as Social Security benefits) you can net the repayment amount against the amount reportable as income.

A taxpayer who repays an amount that was reported as income in an earlier year may claim a tax deduction or tax credit for the repayment in the year the income is repaid.

If amount of the repayment is:
 
$3,000 or Less. Claim a miscellaneous itemized deduction on Schedule A (subject to the 2%-of-AGI limitation). If the taxpayer does not itemize, the tax benefit is lost." The data entry is located in the Deductions/Credits section.

Repayment over $3,000. If the amount you repaid was more than $3,000, you can deduct the repayment (as explained under Type of deduction , earlier). However, you can choose  to deduct it as a deduction or a credit. You may choose the method that benefits you most.

View solution in original post

poms55chevy
New Member

I had to pay back social security can i claim the payment on taxes

I have all the papers and payment reciept, since 2010-2013 totalling $9910.00 how do i file this info...you are the only people that told me i could claim this...thank you dave h

Buster3
New Member

I had to pay back social security can i claim the payment on taxes

When is the repayment considered effective? The date on the repayment check?

Hal_Al
Level 15

I had to pay back social security can i claim the payment on taxes

@Buster3  No; it's the day you mailed the check. 

ljuba1701
New Member

I had to pay back social security can i claim the payment on taxes

Just to clarify:

 

I repaid my social security benefits the same year I got them (this tax year, 2019), so based on your instructions, I should deduct the amount ($3,114) from my reported income. The only way I can see to do that is to simply not report the Social Security as income at all. Is this correct? 

 

Thanks!

Hal_Al
Level 15

I had to pay back social security can i claim the payment on taxes

@ljuba1701 

No.  You must report the amount shown on the form SSA-1099 as income.  If you paid it back in the same year, the amount in box 5 should already reflect the repayment.  Otherwise you have to use the repayment procedure described above. 

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