In 2019 I was overpaid by my private Long Term Disability Insurance (income included on W2). I paid them back around $9000 in 2020. I received a letter from the insurance company reminding me that I could claim this payment on my tax return. I have TurboTax Premier and cannot figure out where to enter, there doesn't seem to be an applicable section in Other Deductions and Credits.
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Yes, the insurance company was correct. The information on your options and how to make the entry is provided here and it is called Claim of Right.
Claim of Right
Follow the steps below for the method you have selected.
Taking the Income Reduction in TurboTax
Taking the Credit in TurboTax
There are two components to taking the credit in TurboTax. The first part entails determining the amount of the tax that was overpaid in the year the income was actually received. This requires using the TurboTax Desktop product (or another method) to determine what the tax liability would have been without the income.
I read the answer, and this helps. But if you use the "credit" method where exactly do reduce taxes owed? And the desktop version is the purchased turbo tax software I understand? Correct? If so, how do you do the tax change?
You can only claim a claim of right with CD/Download @crow14.
Here's how to do it:
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