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adelajk
New Member

I filed my 2022 tax return in February 2023. I'm currently on LTD. In March 2023, I found out that I had to reimburse $35,000 total, $27,000 for 2022. How do I fix??

I got a letter that they won't issue a revised W-2 and just provided me with an overpayment reimbursement letter confirming I've reimbursed the disability company.  
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3 Replies

I filed my 2022 tax return in February 2023. I'm currently on LTD. In March 2023, I found out that I had to reimburse $35,000 total, $27,000 for 2022. How do I fix??

You do not get to do anything on the 2022 return at all.   If you qualify you may be able to do something on the 2023 tax return ...

 

If you repaid amounts reported as income in the prior year -

----- if the amount is $3,000 or less, it is a miscellaneous itemized deduction subject to the 2% limitation.
----- if the amount is more than $3,000, it is a miscellaneous itemized deduction which is not subject to the 2% limitation.

If the amount was received under a "claim of right" (you had unrestricted use of the funds but later found out you didn't), you have one more choice:  if the amount is more than $3,000, you can choose instead to claim a credit for the additional tax incurred by reporting the repaid amount in income.  See IRS Publication 525 for an explanation of that method.  It is available at:  http://www.irs.gov/publications/p525/ar02.html#d0e9279

Look under deductions and credits, then other deductible expenses, then less common expenses if the amount is under $3,000. 

Turbotax on-line does not support the "claim of right" computation.  Turbotax desktop, in the forms mode, permits the credit to be entered in the "smart worksheet" above line 72, but you still would need to compute it manually.

adelajk
New Member

I filed my 2022 tax return in February 2023. I'm currently on LTD. In March 2023, I found out that I had to reimburse $35,000 total, $27,000 for 2022. How do I fix??

I found the spot where to adjust it on turbo tax download for 2023!  I was overpaid $27671 that I refunded.  I calculate that I overpaid taxes by $1,521.   Under Claim of right of repayment over $3,000, do I fill in $27,671?  

ThomasM125
Employee Tax Expert

I filed my 2022 tax return in February 2023. I'm currently on LTD. In March 2023, I found out that I had to reimburse $35,000 total, $27,000 for 2022. How do I fix??

I think you are trying to enter the credit amount on line 12(d) of the 1040 worksheet. The amount to enter is the credit, $1,521 in this case.

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