Technical topics regarding tax preparation.
1-Jul-2022 4:17pm
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TP age 63 got Social Security benefits in 2021, and paid tax on 85% of it. He had earned income of $25578, $6618 over the limit of $18960. He was charged $3309 for the overpayment.
Can he amend his 2021 tax return, and reduce his Social Security reported by the $3309, and get a refund?
1-Jul-2022 5:19pm
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To be clear, he received $3309 too much in 2021 and paid it back in 2022? Research claim of right.
Retired, no salvage value.
1-Jul-2022 5:23pm
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I don't think so.
His 2022 1099 will show the repayment and he'll report the net.
1-Jul-2022 6:24pm
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I see...he exceeded the allowable earnings threshold and his benefits stopped until the excess was repaid.
Agree with sjrcpa.
Retired, no salvage value.
1-Jul-2022 7:22pm
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1341 would not kick in unless the repayment created a negative benefits amount over $3000 in the later year.
https://support.taxslayerpro.com/hc/en- ... -Repayment and page 15 of Pub 915.
https://www.irs.gov/pub/irs-pdf/p915.pdf
3-Jul-2022 1:01pm
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Yep, it looks like he will get the benefit in 2022, when his SSA-1099 will show the repayment on line 4. Which makes sense, that would be a whole lot of amended returns required otherwise.
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