TurboTax will give you the higher of the standard or itemized deductions so if your standard deduction of $24,800 is higher than the sum of your itemized deductions, then none of your repayment will be separately deductible. You will just get $24,800.
New Jersey. NJ allows you to deduct any repayment made in 2020 against other wages. Refer to Claim of Right Repayment Refunds (IRC 1341). Enter this amount in Other Wage Adjustments – W2 as a negative amount.
New York. Include Form IT-257 Claim of Right Credit on your NY return.
- Go to Take a look at New York credits and taxes
- Scroll down to Other Tax Credits
- Start Less Common Credits
- On Uncommon Credits, select Claim of Right Credit (IT-257)
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