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Do I qualify for a repayment credit after I paid off over $5000 in state taxes due in 2024?

 
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AmyC
Expert Alumni

Do I qualify for a repayment credit after I paid off over $5000 in state taxes due in 2024?

A repayment credit is when you were paid money from somewhere and had to pay it back. If you were just paying the taxes you owe, that would be part of your itemized deductions on Sch A and entered as tax paid.

 

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2 Replies

Do I qualify for a repayment credit after I paid off over $5000 in state taxes due in 2024?

I HAD TO PAY BACK TAX OWED 

The money you paid to the IRS for a previous year’s federal tax return is not deductible, so you do not enter it anywhere on your 2024 return.  If you paid taxes due in 2024 to your state or local government, you can enter that by going to Federal> Deductions and Credits> Estimates and Other Taxes Paid> Other Income Taxes.  You can enter the taxes you paid, but do not include any penalties or interest.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
AmyC
Expert Alumni

Do I qualify for a repayment credit after I paid off over $5000 in state taxes due in 2024?

A repayment credit is when you were paid money from somewhere and had to pay it back. If you were just paying the taxes you owe, that would be part of your itemized deductions on Sch A and entered as tax paid.

 

**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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