Taxpayer repaid Social Security benefits of $5,000 +/- in 2012 for the tax year 2011. Because the repayment is over $3,000, the 2011 tax can be refigured and "IRC 1341" w/ the amount on line 71 can be credited on 2012 tax return. My questions:

-Is this a refundable credit?

-Is there any reason the IRC 1341 credit cannot be done on an amended return for 2012?

-The only other option is to claim a deduction for the amount repaid, not subject to the 2% AGI limitation, correct?

I believe it is a refundable credit which would be advantageous to the taxpayer because they went from the 25% tax bracket in 2011 to only the 10% tax bracket in 2012.