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I took early social security a 2 yrs. ago, while I continued…

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I took early social...

I took early social security a 2 yrs. ago, while I continued working a job.. I paid federal income tax when I filed my taxes last year

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

After paying my federal income taxes, I was contacted by social security dept. and told I was over paid by them and returned $8,000 cash to them after my filing. I want to know if I can claim the returned over payment to social security as some type of deduction from this years tax filing.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I am not a high paid individual. I have since that time gone on full retirement. I just thought you would know if I was entitled to use the $8,000 as a deduction carried forward in some manner.

Submitted: 3 months ago.Category: Tax
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Answered in 1 minute by:
12/28/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,611
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

Because the amount you repaid is more than $3,000, you may be able to take a credit against your tax for the year in which you repaid it.

Follow these steps.

  1. Figure your tax for the year of repayment without deducting the repaid amount.
  2. Refigure your tax from the earlier year without including in income the amount you repaid in the year of repayment.
  3. Subtract the tax in (2) from the tax shown on your return for the earlier year. This is the credit.
  4. Subtract the answer in (3) from the tax for the year of repayment figured without the deduction (step 1).

Claim the credit figured in (3) above on Form 1040. (If the year of repayment is 2017, and you are taking the credit, enter the credit on Form 1040, line 73)

I hope this is helpful. Please let me know if you need clarification.

A positive 5 star rating is appreciated so I am credited for assisting. Thanks

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