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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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On our 2014 tax return we paid tax on income which included

Customer Question

On our 2014 tax return we paid tax on income which included Social Security payments. My husband is still working part time and as a result his income went over that allowed by Social Security for full benefits. In 2015 we were contacted by Social Security and returned to them a lump sum of $5,745.60 and agree to an additional deduction of $150 on his next 24 Social Security payments for a a total return of $9,345.60. How do I reflect this on my 2015 tax return?
Submitted: 9 months ago.
Category: Tax
Expert:  Tax.appeal.168 replied 9 months ago.

Q: How do I reflect this on my 2015 tax return?

A: You take the repayment deduction on Line 23 of Schedule A, which lists itemized deductions that can be subtracted from your adjusted gross income. This rather obscure deduction is not broken out on the form; it simply comes under "Certain Miscellaneous Deductions." You must list the type and amount of each miscellaneous deduction using an attached sheet if necessary. Miscellaneous deductions, when combined, must be greater than 2 percent of your adjusted gross income to be deductible.

REFERENCE SOURCE:

http://finance.zacks.com/social-secuity-repayments-tax-deductible-10953.html

Let me know if I can be of further assistance to you regarding this matter.