an interesting idea , paying back social security

[lenora]

"We still have to confirm the payed back ss is deducted off the years income like the guy on the radio said and not as amended returns..... if we have any retirees with some time and want to call the irs during the week and confirm feel free."

Not sure if this link is allowed; if not, see IRS pub. 915.

Secret Ways to Boost Your Social Security - Kiplinger.com

Look under "crunch the numbers", second paragraph.

[mathjak107]

bingo yes its there,thanks ..it says you can claim it as an itemized deduction which means yep its subtracted off income... it can also be claimed as a tax credit too it says ..either way no amended returns its a dollar for dollar subtraction once you cleared the standard deduction.

[mathjak107]

this has kind of altered my plans....

looks like now i will do a conversion to a roth next year for only 1/3 to maybe a 1/2 i was going to do.. i was going to take ss as late as possible but now we both will take it at 62... right at age 70 before the rmd's i will pay back the ss money , they will hand me my tax credit for a huge amount and ill convert the rest of the ira money to tax free roths and our ss payments will be double the amount for life....