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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
Can I Deduct A Loss Of Social Security Benefits On My Tax Return?
I was getting SS checks of $734 until 2 years ago when they cut it back to $432
Because my investments earned too much money, or SS said "I make too much?"
Can I deduct the loss of approximately $300 a month on my income tax?
Thanking you in advance for your reply, I remain,
C.
Hi C.,
I'm not sure why your Social Security payments were reduced, but that wouldn't be a loss that you could subtract on your tax return. The reduced amount of Social Security income could have an effect on how much if any of your Social Security income is taxable, however. For basic information about the taxation of Social Security benefits, refer to Social Security's website: https://www.ssa.gov/planners/taxes.html.
Best, Jerry
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Posted:
July 5, 2017