What exactly is the repayment credit? Does this apply if I earned money in income but had it offset out of my return last year?

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No, it is not referring to tax offsets where you had your tax refund taken. It is a tax credit available for taxpayers who reported income in a previous year that had to be repaid. The reported income must have been paid to you in error and it must have been over the amount of $3,000.

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