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Deductions & credits
Thanks JeffreyR77. I see how to do this as an "Other Deductible Expense", but it is then entered as a deduction for 2020 (below Federal standard deduction), and not a credit. As I understand Publication 525, I am allowed to calculate the tax on repayment amount take as credit on Schedule 3, Line 12d (note IRC 1341 in entry line). However, I have not found the way to do this in TurboTax Deluxe. I can view the Schedule 3 form under "Forms", but seems I cannot make changes.
‎February 18, 2021
11:34 AM