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Retirement tax questions
As of 2018, under the Tax Cuts and Jobs Act only amounts that are over $3,000 are eligible for a deduction or credit. The deduction screens and entry procedures are here for your convenience.
Taking the Income Reduction in TurboTax
- Login to your TurboTax account or open your tax return.
- Click on Federal Taxes and then Deductions & Credits.
- Locate the section Other Deductions and Credits (you may first need to click on show all tax breaks if working online or I’ll choose what I work on if working in the installed desktop version.)
- Click Start (or Revisit) beside Other Deductible Expenses.
- A number of questions will appear on the upcoming screens. You are looking for the one that reads Claim of right repayment over $3,000. Click yes when you see this screen. (Be sure to ignore the similar question, repayments of $3,000 or less.)
- Enter the amount of the repayment in the box Claim of right repayment over $3,000 and click Continue.
- See the images below.
Note: If you want to use the credit you can update here. Keep in mind that TurboTax Desktop/CD download must be used for that.
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February 28, 2021
7:54 AM