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I received an IRS refund for 2017 taxes, but the IRS informed me my refund was overstated and had to pay back $1077. WHERE does this tax credit go on the 2018 return?
I paid back $1077 to the IRS based on an overstated 2017 refund, and believe I can claim this repaid tax on my 2018 return. But I can not find WHERE this tax credit goes. Turbo tax suggested I put it under Estimated Taxes, but I want to be sure that is right.
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I received an IRS refund for 2017 taxes, but the IRS informed me my refund was overstated and had to pay back $1077. WHERE does this tax credit go on the 2018 return?
Unfortunately, the amount of the 2017 income tax refund for 2017 you had to pay back due to an overstatement cannot be used as a credit on your 2018 return. It is not considered a Tax Credit.
If you put the $1077 under Estimated Taxes, your 2018 refund will also be overstated and you will once again have to pay back the $1077.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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I received an IRS refund for 2017 taxes, but the IRS informed me my refund was overstated and had to pay back $1077. WHERE does this tax credit go on the 2018 return?
Unfortunately, the amount of the 2017 income tax refund for 2017 you had to pay back due to an overstatement cannot be used as a credit on your 2018 return. It is not considered a Tax Credit.
If you put the $1077 under Estimated Taxes, your 2018 refund will also be overstated and you will once again have to pay back the $1077.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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