Due to a computation error, Myra, a single taxpayer, had to repay social security benefits that...
Due to a computation error, Myra, a single taxpayer, had to repay social security benefits that she received and included in her gross income in a prior year. In 2019 she repaid $2800 more than she received in benefits. Assuming general rules and circumstances, choose the statement that best describes how Myra should report this repayment on her 2019 return
Homework Answers
Answer:
As per IRS, if replacement amount is less than $ 3,000, then she will not be able to deduct on schedule A, line 16.
If the amount is more than $ 3,000 then there is an option of taking a tax credit or take itemized deduction on schedule A,line 16,under IRC Section 1341 for the year of repayments. It is standardized.
Therefore, Myra will not be able to deduct the replacement on her tax return.
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