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After you file
Turbotax calculated an increase in my federal tax for 2019 when I reported the interest income that I received from the IRS on an overpayment of federal tax from a previous year; however, this is in effect a refund of the interest previously charged to me when I was forced (due to an IRS error) to make the overpayment. Shouldn't I be able to avoid paying tax on this interest, since I did not previously receive a tax credit for the interest expense I was (over)charged on the previous tax overpayment? If so, how do I make the adjustment on my 2019 return?
March 1, 2020
6:27 AM