DianeW777
Expert Alumni

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

  1. Login to your TurboTax account or open your tax return.
  2. Click on Federal Taxes and then Deductions & Credits.
  3. 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.)
  4. Click Start (or Revisit) beside Other Deductible Expenses.
  5. 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.)
  6. Enter the amount of the repayment in the box Claim of right repayment over $3,000 and click Continue.
  7. 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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