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Retirement tax questions
Yes, you can still exclude the $3,000 paid under the HELPS Act.
But, there is a rule that says you must include in your income any reimbursement for expenses that you deducted or excluded from income. That is called a taxable recovery.
So, you can exclude the HELPS payments, but if you are reimbursed for the same expense, you need to report it as a taxable recovery.
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ā€ˇFebruary 21, 2020
5:41 PM
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