The 2% miscellaneous was suspended in 2017 through the Tax Cuts and Jobs Act so the entire $75,000 can be claimed as a Right of Repayment. It would need to be recorded in two separate entries in TurboTax.
- Go to the Deductions and Credits Section of your return.
- Go to Other Deductions and Credits
- Other Deductible Expenses
- Go to Less Common Expenses
- Describe this as Repayment of Income Less than $3000 and record $3000 here.
- The next screen will ask if you have any of these other expenses, you will say yes since the Right of Repayment over $3000 is listed here.
- Tell us of your other expenses, here record $72,000 for Claim Right of Repayment over $3000.
[Edited 03/20/22|12:59 pm PST]
@rgm4
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