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Robin D.
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Experience:  15years with H & R Block. Divisional leader, Instructor
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I recieved social security disability in a lump sum payment

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I recieved social security disability in a lump sum payment this year for the past three years. From that amount, approximately 90% was taken by the long term disability insurance company that has been paying me for the psat three years, so I did not actually recieve that total amount. Am I obligated to report the total amount of social security lump sum payment as taxable income or am I able to deduct the amount that the insurance company had me repay them?
Submitted: 3 years ago.
Category: Tax
Expert:  Robin D. replied 3 years ago.

Hello and thank you for using Just Answer.

If you received disability payments through an employer's or insurance company's long-term disability policy and you had to repay the employer or insurance company for any retroactive SSDI disability payments, you can take an itemized deduction for all or part of the repayments. You will show this on Schedule A. Any repayment of benefits you made during 2010 must be subtracted from the gross benefits you received in 2010. It does not matter whether the repayment was for a benefit you received in 2010 or in an earlier year. Since you were required to pay back for the past 3 years you may wan to use a tax professional to complete your return to make sure you receive the correct amount of deduction.

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7869
Experience: 15years with H & R Block. Divisional leader, Instructor
Robin D. and 2 other Tax Specialists are ready to help you
Customer: replied 3 years ago.
where would the deduction go on Schedule A?
Expert:  Robin D. replied 3 years ago.
Line 28 of the Schedule A "Other Misc Deductions"
Customer: replied 3 years ago.
thank you very much!!!
Expert:  Robin D. replied 3 years ago.

You are welcome

 

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Robin D.
Robin D.
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15years with H & R Block. Divisional leader, Instructor