Yes, there are a couple of ways you can get a tax break by reporting the repayment on your current year tax return: Take a simple deduction of the repaid income from the current year’s income (this is the easiest option for taxpayers who itemize their deductions). Use TurboTax CD/Download to calculate the amount of tax you overpaid and take a refundable credit. This is the more valuable option, though it requires a bit more work.Click this link for detailed instructions for entering your Claim of Right Repayment using both methods. This link has instructions and screenshots to help you.

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EricksonG

Level 1

Question

deleted thread

Forum|Forum|4 years ago
January 26, 2022
1 reply
4 views

deleted thread.

MarilynG

Level 15

Yes, there are a couple of ways you can get a tax break by reporting the repayment on your current year tax return:

Take a simple deduction of the repaid income from the current year’s income (this is the easiest option for taxpayers who itemize their deductions).
Use TurboTax CD/Download to calculate the amount of tax you overpaid and take a refundable credit. This is the more valuable option, though it requires a bit more work.

Click this link for detailed instructions for entering your Claim of Right Repayment using both methods.

This link has instructions and screenshots to help you.

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