SSA Overpayment and Re-Payment is same tax year not reflected on SSA 1099

[Driven1]

I received an unwanted retro payment from SSA early November 2023.  After receiving a request for repayment  and I paid it back 100% mid December 2023.  I received a SSA 1099 not reflecting the payback of funds.  I have my bank audit trail.   How do I record this when the SSA 1099 does not reflect this?

[rjs]

Are you sure the SSA-1099 does not show the repayment? Box 3 should show the full amount that you originally received. Box 4 should be the amount that you repaid. Box 5 should be the net amount (box 3 minus box 4).

If the SSA-1099 does not show the repayment, you have to contact the Social Security Administration and get a corrected SSA-1099. If you just subtract the repayment on your tax return, the IRS will say you omitted income because the amount you report is less than what the SSA-1099 shows.

Social Security: 800-772-1213, 8:00 a.m. – 7:00 p.m. local time, Monday through Friday

[Driven1]

Hello - Box 4 does not show the repayment.  SSA-1099 reflects only the payment. SSA received payment from me back on December 15th.  They are such a monolith nothing happens quickly.  Im Afraid I will not receive a corrected 1099 by tax filing time.  

If I recorded SSA income as net $0 which it was and when the IRS sends me a letter regarding unreported income, can I not just offer proof of the canceled check and bank statement at that time?

[ThomasM125 · Accepted solution]

Yes, you don't need to report the income if the form is stated incorrectly. If the IRS contacts you about it later on, just have proof that you repaid the benefits and that will be sufficient to resolve the issue.

[Driven1]

Hi Thomas - Your badge of Employee Tax Expert is reassuring.  Are you an Intuit employee or a community member?  I just want to be 100% certain of the response.

Thank you

[ThomasM125]

Yes, I am an intuit employee. @Driven1