Social Security and Railroad Retirement Benefits (including repayments)

Per IRS Publication 915 - Social Security and Equivalent Railroad Retirement Benefits, repayment of Social Security benefits should be netted against Social Security benefits received in the current tax year.
In some situations, your Form SSA-1099 or Form RRB-1099 will show that the total benefits repaid are more than the gross benefits received. If this occurred, the net benefits will be a negative figure and none of the benefits will be taxable. If both taxpayer and spouse received social security benefits UltraTax CS will combine both spouses' net benefits (box 5) to generate a total net benefit. If the total net benefit is less than zero, no amounts will be reported on form 1040.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close