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Regarding the SSB and recoupment from my disability. I have…

Customer Question
Regarding the SSB and...

Regarding the SSB and recoupment from my disability. I have been paying since 1996 and think I should be done. SSB = app 35000 but I received $25000 approximate

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

I only have 10% rating = $133.00. I do think I should be done. I am trying to locate a number to check the balance. But I also believe the recoupment should be at $25,000 since it was taxed beforehand

Submitted: 2 years ago.Category: Social Security
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Answered in 1 hour by:
2/1/2016
Social Security Expert: TaxRobin, Tax Preparer replied 2 years ago
TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 17,861
Experience: 15+ years in tax preparation and instruction
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Hello

If you received Special Separation Bonus (SSB) and the later qualify for retired or retainer pay, you would have been required to repay the full gross SSB paid to that date.

When they recoup SSB payments, they treat it like a pre-tax deduction. That is, they would have reduced your taxable income by the amount they deducted for the recoupment each month.

Because they recoup the gross amount you would have claimed a repayment of the amount when you filed your taxes for each year.

It is too late to go all the way back to 19996 and do this but for any year that you repay a taxable amount for a previous year, you can claim that as a reduction for the current year that the payment was made. It is generally taken on Schedule A but you could have claimed a credit in the year of repayment on your federal return.

This is done by recalculating tax for the year you received the income, but don’t include the income you repaid. The difference in tax – with and without the repaid income – is the amount of your credit. Report this credit on the “total payments” line of your federal return (for the year of repayment) with the reference “I.R.C. 1341.”

Like I advised, you cannot go back and amend your returns all the way to 1996 but you could go back 3 years and amend and then for 2015 show the amount you repaid in 2015.

If you wish to speak to them about your balance you can call

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I hope this is helpful.

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Social Security Expert: TaxRobin, Tax Preparer replied 2 years ago

Now that you viewed my response, please post below

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Customer reply replied 2 years ago
My question was about how can I find out about the balance owed from the SSB. I am not concerned at all about the taxes that I lost. Can you answer my original question, or issue a refund?
Social Security Expert: TaxRobin, Tax Preparer replied 2 years ago

I posted the contact info for requesting the balance.

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Customer reply replied 2 years ago
Honestly that is still not the answer. I have had that number for years and they do not have balance information.
Social Security Expert: TaxRobin, Tax Preparer replied 2 years ago

Then I will tell our Customer Support that you wish to withdraw your question.

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Category: Social Security
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Experience: 15+ years in tax preparation and instruction

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