effi wrote:

- quote -

See pub 525 "Taxable and Nontaxable Income", Repayments.

If "claim of right" applies, and it probably does, then
you choose between method 1 and method 2. Work the math
for both; the best method is not obvious. So your w/h
is refunded, so to speak, by the reduction of taxes for
the year the repayment was made.

dick w

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"Larry" <Larry[at]larry.com> wrote:
- quote -

the 1040 booklet says you can recover excess FICA if paid by
more than one employer, but if paid by one employer, you
must get the refund from the employer; you cannot claim it
on your return. If you've already paid the $3k, good luck
on that!

Pub 505 says that if the employer does not refund it to you,
you can file a form 843 to claim a refund. I would think
this would necessitate the filing of an amended return for
the year the $3k was "earned", but there seems no way to be
sure . . .

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"Larry" <Larry[at]larry.com> wrote
- quote -

Nope, not the taxes at least for that year.

There is a provision to take a deduction (either on the 1040
or on Schedule A) for the repayment, which lowers the
current years taxes by some amount. But the tax withheld
(and especially the FICA) are gone for the prior year.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

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"Paul A. Thomas" <paulthomascpapc[at]bellsouth.net> wrote:
- quote -

But can you file an amended return to recover it?

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"effi" <effi[at]ev1.net> wrote

- quote -

There isn't any carryover of the taxes withheld or paid on
your behalf.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

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If one repays w-2 income over $3000 from a prior year
due to a judgement against them in a lawsuit, or even
a settlement, can the fica (ss and mc, if applicable)
and w/h be refunded? applied to the current year? as
a payment? as a credit?

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >