- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Repaid SS benefits are negative but are not showing up on the 1040 front page, not calculating correctly, why?
Best Answer Click here
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Repaid SS benefits will only reduce current paid SS benefits (just like unemployment benefits), otherwise you need to look into Section 1341 Repayments-Claim of Right.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
He had no current benefits this year only the repayment. He was taxed last year on SS benefits and received them due to illness. Now only repaid benefits on the SS form.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
What is section 1341 repayments claim of rights on Pro Series Basic?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You'll have to research it and see if calculating it that way it will benefit your client or not..it's not "on ProSeries Basic".
Use Google "Section 1341 Repayment - Claim of Right/Social Security Repayment"
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
He did get taxed on most of it last year beacuse of the other income he had. I would think he could reduce his other income due to the repayment of benefits. Am I wrong?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you for the help. I understand now.