Is there any adjustment on a tax return for Social Security?

Published: April 14, 2023

Full question: If a taxpayer went over their income limit for Social Security because they are under retirement age and they have to pay it back, is there any adjustment on their tax return because they already paid on 85% of their benefits.

Hi there,

This is largely a tax and IRS issue.

The taxpayer may be able to amend their tax return to reflect the resulting lower amount of net Social Security income if the payment back was made in that same year.

The details are in the specifics of their tax forms and should be discussed with a tax professional.

Best of luck,

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