Social Security Buy Back

[dbham]

What is the name of your state (only U.S. law)? WA
If I buy back previously paid social security benefits- can I file amended returns for the years affected in order to get a refund of federal taxes paid on the social security benefits? Pub. 915 seems to indicate that one has to take a Misc. Itemized deduction for the whole amount even if it's a buy back that spanned several years. This (even as a credit) isn't as advantageous as filing individual amended returns for each of the years. Help??What is the name of your state (only U.S. law)?

 

[davew128]

The Pub is right. You can't amend PRIOR years for a transaction that happened THIS year.

 

[dbham]

The Pub is right. You can't amend PRIOR years for a transaction that happened THIS year.

So...what is the best way to account for the transaction? Can I get a tax credit? And would it be refundable or would it just reduce my current tax to zero? It seems that I'm going to lose out on getting back the taxes I paid on the social security income that I am now re-paying.