Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
JohannSmithza
Returning Member

Overpayments of benefits - Repaid

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?

 

5 Replies
Critter-3
Level 15

Overpayments of benefits - Repaid

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

JohannSmithza
Returning Member

Overpayments of benefits - Repaid

The benefits were paid in 2020.

I made some repayments in 2020 and then in 2021.

Amount was $5029

Critter-3
Level 15

Overpayments of benefits - Repaid

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

JohannSmithza
Returning Member

Overpayments of benefits - Repaid

Thanks

Mike9241
Level 15

Overpayments of benefits - Repaid

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

 

Dynamic AdsDynamic Ads
Privacy Settings
v