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Entering the repayment of social security benefits in Lacerte
by Intuit•9• Updated 1 month ago
Follow these steps to enter the repayment of social security benefits in the program:
- Go to Screen 14.1, SS Benefits, Alimony, Miscellaneous Inc.
- Hold down Ctrl+E in the Social Security Benefits (SSA-1099, box 5) field.
- Select Statement under the Print as section.
- Enter the benefits received in the Amount column.
- Enter the benefits repaid on another line in the Amount column.
- Enter a Description for both amounts.
- Click OK.
Follow these steps the enter the repayment as an itemized deduction:
- Go to Screen 25, Itemized Deductions (Sch. A).
- Scroll down to the State Miscellaneous Deductions (Subject to 2% AGI Limitation) section.
- Hold down Ctrl+E in the Other Miscellaneous deductions (2% AGI) (Ctrl+E) field.
- Enter "SS Repayment Excess" in the Description column.
- Enter the excess repayment in the Amount column.
- Click OK.
Calculating the repayment of social security benefits
Below are different ways to handle the repayment of social security benefits. This information comes for the IRS Pub 915.