Overpayments of benefits - Repaid

[JohannSmithza]

I was informed that I had to repay all the benefits (unemployment) that I received which I did.

Where do I record this on my tax return?

[Critter-3]

Were the benefits paid and repaid in the same tax year ?    

[JohannSmithza]

The benefits were paid in 2020.

I made some repayments in 2020 and then in 2021.

Amount was $5029

[Critter-3]

Wait for the 1099-G form ... it should have the repayment already reflected on it same as it was on the 2020 form. 

[JohannSmithza]

Thanks

[Mike9241]

the amount repaid in the same year as received (2020) should have been excluded from taxable income.

to get any benefit of the amount repaid in 2021 it must exceed $3,000

then you have an option 

1) take as a deduction on schedule A line 16 and denote as IRC 1341 repayment

OR
2) recompute the taxes for 2020 by excluding the payment. the decrease in taxes is taken as a credit on schedule 3 line 12d denote as IRC 1341