We have been repaying an overpayment to SSA. Last year we showed a negative amount in Box 5 and successfuly filed the 2023 return.
This year we paid back 100% of the years benefits;
Box 3 = $8000.00
Box 4 = $8000.00
Box 5 = NONE
How do I claim the $8000.00 we paid back to the SSA. All of the previous answers tell me to claim on a scedule A or as a Misc. deduction the negative amount in box 5. I did not see a method to claim when Box 5 ststes NONE?
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It depends. You may either claim a deduction or a credit but the process can be lengthy. Here are steps for both.
To take a deduction.
To apply the credit, you will need to switch to the Turbo Tax software program because you will to enter information on forms that are provided with the product. You won't be able to perform these steps in Turbo Tax online.
Note if you do not have enough other expenses to itemize this year, you will not be able to take a deduction.
Thank you for your answer and opinion. Can you provide a referance for your reply? IRS pub 915 does not seem to address this problem. I fully understand your reply as I have been doing my own taxes for over 65 years with 2 businesses included.
Sorry for the follow-up BUT need to see your referance.
It depends. I used a couple of sources to complete my answer.
IRS Publication 915 page 15 Look under Repayments more Than Gross Amount. Read the entire section.
Claim Right of Repayment Gives more a a detailed step sequence. Excellent Turbo Tax source.
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