ajpaschke
Returning Member

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?