Private Insurance/SSDI

orangej777 — Sun, 23 Feb 2025 00:06:34 GMT

I have to repay taxable private insurance income from 2023 with non taxable SSDI income 2024. How do I get my 10k in taxes back that i paid for 2023?

Re: Private Insurance/SSDI

DianeW777 — Sun, 23 Feb 2025 00:10:41 GMT

It depends. If you actually repay more than $3,000 in 2024 from a prior year (2023) you can use the steps here to decide what to do.

Repayment of previously taxed income: The Claim of Right is explained more in the article below. However I will add some information here about how to report on your tax return to determine if it applies to you and how you prefer to enter it on your tax return.

What is a claim of right repayment?
- Income Reduction (most common), or
- Tax Credit
- The link above will walk you through the steps for each option.

Claim of Right

If you had to repay an amount that you included in your income in an earlier year, because at the time you thought you had an unrestricted right to it, you may be able to reduce your income by the amount repaid in the current tax year if the amount you repaid is more than $3,000, or you may take a credit against your tax for the year repaid, whichever results in the least tax.

topic Private Insurance/SSDI in Retirement tax questions

Private Insurance/SSDI

Re: Private Insurance/SSDI