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1luvroxie
New Member

I reported OAS benefits but the majority of it was withheld as income tax paid so how can I claim a deduction for social benefits repayment?

 
3 Replies

I reported OAS benefits but the majority of it was withheld as income tax paid so how can I claim a deduction for social benefits repayment?

Your tax withheld on your OAS monthly benefits is not a "Social Benefits Repayment" and you will not get a deduction for it. If you have had tax withheld on your OAS, simply enter the slip on the T4A(OAS) screen and TurboTax will include your tax deducted in the final calculation which may or may not result in a refund.

The Social Benefits Repayment is also known as the OAS "Clawback" and occurs when a senior's annual income exceeds a certain amount. If  your 2017 net income before adjustments is greater than  $74,788, then you will have to repay 15% of the excess over this amount, to a maximum of the total amount of OAS received.  

Araneus
New Member

I reported OAS benefits but the majority of it was withheld as income tax paid so how can I claim a deduction for social benefits repayment?

turbo tax online does not give you a calculation for net income before adjustments.  Yet that is what the OAS clawback is based on.  How do you calculate that your find line 23400 which is the line on the 2023 tax form that is supposed to tell you what the net income before adjustments is.   turbo tax only gives you net income after adjustments

I reported OAS benefits but the majority of it was withheld as income tax paid so how can I claim a deduction for social benefits repayment?

@Araneus When you get to the end of your return you'll be able to preview your actual tax return, so you can look at all the line numbers on you T1.