Possibly. What year or years did you pay the lump sum to the LTD insurer? That year (or years), you are eligible for a repayment would create a Claim of Right issue. The repayment credit or deduction would be reported on the current year's tax return. Follow these steps:
- Down the left side of the screen, click on Federal.
- Across the top of the screen, click on Deductions & Credits.
- Scroll to the bottom of the screen for Other Deductions & Credits.
- Click on Other Deductible Expenses.
- Continue until you see the screen that states Repayments of $3,000 or less or Repayments of $3,000 or more depending upon your situation.
For repayments of $3,000 or more, you also have the option of reporting a credit but you have to re-compute your taxes for the tax year that you paid the income. See this TurboTax Help.
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