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Get your taxes done using TurboTax
I'd like to take an IRC 1341 deduction on my 2020 Federal Income Taxes for $5,000 of Unemployment Compensation paid and reported in 2019, then repaid in 2020, as a result of losing an appeal with the State of Missouri. Using TurboTax, with the current Federal tax forms, what are the instructions to document this on the tax forms, so I receive the tax credit?
For my Missouri Income Taxes, do I amend my 2019 Missouri Income Taxes or take a deduction similar to an IRC 1341 on my 2020 Missouri Income Taxes? If I take a deduction similar to an IRC 1341 on my 2020 Missouri Income Taxes, again using Turbo Tax, what are the instructions to document this, so I receive the tax credit?
‎January 8, 2021
8:32 AM