1970028
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Repaid in 2020 goes into the 2020 return. See this from the IRS
https://www.irs.gov/publications/p525#en_US_2020_publink1000229600
Repaid in 2020 goes into the 2020 return. See this from the IRS
https://www.irs.gov/publications/p525#en_US_2020_publink1000229600
Thank you, this was very useful!
Possibly. What year or years did you pay the lump sum to the LTD insurer? That year (or years), you are eligible for a repayment would create a Claim of Right issue. The repayment credit or deduction would be reported on the current year's tax return. Follow these steps:
For repayments of $3,000 or more, you also have the option of reporting a credit but you have to re-compute your taxes for the tax year that you paid the income. See this TurboTax Help.
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