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Social Security overpayments of more than $3000 are treated like an itemized deduction or you can take a credit. If you report it like an itemized deduction, you may not have enough deductions to itemize thus doesn't reduce your taxable income. The first $3000 of social security payments are no longer deductible due to the Tax Cuts and Jobs Act of 2018. To claim the excess over $3000 as a deduction:
You may also submit this as a credit but it will require some work on your part.
Note: You may need to install the software and transfer your online data to the desktop program first.
There are two steps to taking the credit in TurboTax: figuring the credit, and applying the credit.
Figuring the credit
Next, you’ll apply the credit. To do this, you’ll need the current year of TurboTax CD/Download.
Applying the credit
Social Security overpayments of more than $3000 are treated like an itemized deduction or you can take a credit. If you report it like an itemized deduction, you may not have enough deductions to itemize thus doesn't reduce your taxable income. The first $3000 of social security payments are no longer deductible due to the Tax Cuts and Jobs Act of 2018. To claim the excess over $3000 as a deduction:
You may also submit this as a credit but it will require some work on your part.
Note: You may need to install the software and transfer your online data to the desktop program first.
There are two steps to taking the credit in TurboTax: figuring the credit, and applying the credit.
Figuring the credit
Next, you’ll apply the credit. To do this, you’ll need the current year of TurboTax CD/Download.
Applying the credit
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