I repaid 1200 in 2024 repayment on unemployment from 2021. I thought I read that if it’s less than 3000.00 you won’t get anything for it so you don’t need to do it. Is that true?
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Unfortunately, you are correct. IRC 1341 bars a deduction or credit if the amount repaid is $3000 or less for your type of repayment.
Okay I just wanted to make sure that I wasn’t doing something wrong if I didn’t put it on there. If I’m gonna benefit from it no reason to upgrade my filing. Thank you!
I meant if I’m not gonna benefit from it lol
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