You'll need to sign in or create an account to connect with an expert.
It depends. If the amount is $3,000 or less then there is no deduction. If it is is more than $3,000 I will provide the instructions below.
The Claim of Right is explained more in the article below. However I will add some information here about how to report on your tax return to determine if it applies to you and how you prefer to enter it on your tax return.
Claim of Right
Taking the Income Reduction in TurboTax (most common)
Taking the Credit in TurboTax (Must use TurboTax Desktop)
There are two components to taking the credit in TurboTax. The first part entails determining the amount of the tax that was overpaid in the year the income was received. This requires using the TurboTax Desktop product (or another method) to determine what the tax liability would have been without the income.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
sbentford
New Member
TXW
Returning Member
shaunone1
New Member
mssweetemotions
Level 1
terrys-mail2
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.