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Retirement tax questions
Since the premium was paid by credit card, it reasonably should have been refunded in the same manner and would not have been a reportable income item. However, it has been reported on a tax form, so you should include it as part of your return.
Then, take a look at your Form 1040 line 6b to see if any of the amount reported is being taxed as part of your income. Make a note of the amount on line 6b and then follow the instructions below to make an adjustment to remove it. If there is nothing shown on line 6b, then none of the refund is being taxed and that is all you need to know.
Use these steps if line 6b shows a value included in your income:
- Go to the Federal > Wages & Income section
- Scroll to the bottom to find Less Common Income
- Scroll to find Miscellaneous Income, 1099-A, 1099-C
- Scroll to the bottom to find Other Reportable Income
- Enter a description for the adjustment and the amount found on line 6b as a negative number
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‎January 30, 2024
6:57 AM