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interest on social security payback

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    interest on social security payback

    any place to deduct that?

    #2
    Are you asking about interest on Social Security overpayments? If so, according to what I'm reading the Social Security Administration doesn't charge interest on overpayments, but I'm not sure whether that includes an agreed-upon repayment plan, or not. The limited research I've done indicates interest isn't charged in either situation. Maybe someone else more knowledgeable can help clarify.
    Last edited by Zee; 09-04-2014, 04:33 PM.

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      #3
      Interest on Social Security Repayments

      1. Earlier post mentioned that NORMALLY, social security repayments do not involve interest payments: thus, you may want to determine the reason for the repayments.
      2. Assuming your TP/client is paying interest on the SS repayments, such interest would fall into the category of personal interest and not currently deductible.
      3.It is possible the tp/client is repaying social security for something besides an overpayment of benefits to themself, or even as the result of some enforcement action by SSA (such as a fraud case); the amounts repaid might include a penalty of some kind which normally would not be deductible or a subtraction.
      Friends double; family triple. Don't buy an audit for yourself. If someone has to go to jail make sure it is the client. Remember it is only taxes, nothing important.

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