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mike71556
New Member

I repaid a $3K 2014 U.S. pension overpayment in '17.I paid taxes on the funds with my 14 return.I've been told I can use line 21.How do I accomplish this in TurboTax?

 
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Accepted Solutions
MinhT
Expert Alumni

I repaid a $3K 2014 U.S. pension overpayment in '17.I paid taxes on the funds with my 14 return.I've been told I can use line 21.How do I accomplish this in TurboTax?

You report this repayment as a negative income on line 21 of form 1040.

In TurboTax, open your return and follow these steps:

  • Click on Federal in the left-hand column, then on Wages and Income on top of the screen
  • Scroll down to All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom and click Show More
  • On the next page, click Start next to Other Reportable Income.

You describe this repayment as Repayment of 2014 US pension overpayment and enter a negative amount.

 


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1 Reply
MinhT
Expert Alumni

I repaid a $3K 2014 U.S. pension overpayment in '17.I paid taxes on the funds with my 14 return.I've been told I can use line 21.How do I accomplish this in TurboTax?

You report this repayment as a negative income on line 21 of form 1040.

In TurboTax, open your return and follow these steps:

  • Click on Federal in the left-hand column, then on Wages and Income on top of the screen
  • Scroll down to All Income, locate the Less Common Income section
  • Click Show more and click Start next to Miscellaneous Income at the bottom and click Show More
  • On the next page, click Start next to Other Reportable Income.

You describe this repayment as Repayment of 2014 US pension overpayment and enter a negative amount.

 


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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