MaryK4
Expert Alumni

Deductions & credits

Yes, you can - but you will have to calculate the amount of the credit.

 

If you had to repay an amount that you included in your income in an earlier year, you may be able to deduct the amount repaid from your income for the year in which you repaid it. Or, if the amount you repaid is more than $3,000, you may be able to take a credit against your tax for the year in which you repaid it. 

 

See Repayment over $3,000.

 

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