- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
If I understand you correctly, both the lump sum payment as well as the repayment to the Long Term Disability insurance company occurred in 2019.
If that is the case, here is how to enter this into your TurboTax Deluxe:
- Enter the social security income exactly as it appears on Form 1099-SA - this goes in Wages & Income under Retirement Plans and Social Security.
- After you enter this information, TurboTax will ask you if the amount was a lump sum that included payments for prior years. At that time, you will indicate which amounts are for which year - just like you have laid the information out here in your question. TurboTax will also ask you questions about your income and filing status for those years - so have your returns available. You will need your adjusted gross income (AGI), tax-exempt interest, and taxable social security reported on each return (if any).
- After you have entered all of the income information navigate to Deductions & Credits and select "I'll choose what I work on."
- Scroll to the next to last option Other Deductible Expenses and click Start (or update.)
- The third screen should ask you about other expenses that includes on the list Claim of right repayment over $3,000 - it will look like this:
- Answer yes on this screen.
- Then enter the amount that you repaid on the line "Claim of right repayment over $3,000.
- This will enter the deduction on your Schedule A and on Line 19 of your tax return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 27, 2020
12:17 PM