- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
If the repayment is $3000 or less, you must deduct this in Schedule A. If you claim the standard deduction expense, you will not be able to claim a right of repayment deduction if you don't have enough other deductions that are over and above the standard deduction amount.
If your repayment amount is over $3000, you can take a credit but it is a complicated process involving downloading the Turbo Tax software. Here is a link describing the step by step process for claiming this credit.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 1, 2023
12:12 PM