Discussion Archives:Repayment of social security

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Discussion Forum Index --> Tax Questions --> Repayment of social security

Apphorizons (talk|edits) said:

8 May 2007
My client started taking social security in 2005 and decided to pay it all back in Jan 2006. Can the amount of social security shown on the 2005 return be amended? If not, how do we show a credit in 2006 when there is no social security?

Bx524 lca (talk|edits) said:

May 8, 2007
Why would he do that? Were taxes paid on the social security in 2005?

Michaelstar (talk|edits) said:

8 May 2007
No - you may not go back and amend your 2005 t/r for SS amounts paid back in 2006.

Go to Pub 17, chapter 11, page 79 for a detailed explanation of how you will need to treat the repayment of SS benefits in 2006.

Apphorizons (talk|edits) said:

8 May 2007
The taxpayer did pay tax on 85% if the amount in 2005. I don't know why he paid it back.
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