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njvoit
New Member

Repaid $4000 this year from 2017 sign on bonus. cannot figure out how to calculate claim of right with turbotax download version. are there calculators?

Purchased the download version to claim this credit, but cannot understand how to do this through the help files. the method 1 and 2 process is vague and seems it needs to be done manually, which I cannot confidently do, so if this cannot be done with the download version, I would like a full refund.

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8 Replies
njvoit
New Member

Repaid $4000 this year from 2017 sign on bonus. cannot figure out how to calculate claim of right with turbotax download version. are there calculators?

Standard deduction trumps. I need to Claim of Right tax credit on Form 1040 Line 73d. How do I do this with TurboTax Deluxe download?
KarenJ
Intuit Alumni

Repaid $4000 this year from 2017 sign on bonus. cannot figure out how to calculate claim of right with turbotax download version. are there calculators?

Please see a previous response from my colleague Carl:

Assuming you paid taxes on it in a prior year, you can deduct it from your taxable income in the tax year you paid it back.

Under the Deductions & Credits tab scroll down to the Other Deductions & Credits section and under that section elect to start/update Other Deductible Expenses.

For Generation skipping taxes click NO.
For repayment of less common expenses, click NO.
For "Do you have any of these other deductions?" note that one of them is for repayments over $3K. So click YES and you should be able to take it from there.


njvoit
New Member

Repaid $4000 this year from 2017 sign on bonus. cannot figure out how to calculate claim of right with turbotax download version. are there calculators?

Standard deduction trumps. I need to Claim of Right tax credit on Form 1040 Line 73d. How do I do this with TurboTax Deluxe download?
KarenJ
Intuit Alumni

Repaid $4000 this year from 2017 sign on bonus. cannot figure out how to calculate claim of right with turbotax download version. are there calculators?


You will need to go to  into your 2017 TurboTax and reduce your wages by $4,000 and see what your tax would have been in 2017 without the $4,000 bonus.  Say your tax in 2017 was $10,000 with the bonus and is now $9,000 without the bonus in 2017.  So you can enter in TurboTax a credit for $1,000 (in this example).  You can enter the amount in Forms mode on line 73d.  Make sure you change your 2017 tax return back to how it was when you originally filed.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p525.pdf">https://www.irs.gov/pub/irs-pdf/p525.pdf</a>     page 34-35
njvoit
New Member

Repaid $4000 this year from 2017 sign on bonus. cannot figure out how to calculate claim of right with turbotax download version. are there calculators?

Karen, I believe that would be method 1 in order to calculate, which requires additional purchase from download. How can I calculate method 2 with my 2018? I would like to compare both as instructed in IRS Publication 525.
KarenJ
Intuit Alumni

Repaid $4000 this year from 2017 sign on bonus. cannot figure out how to calculate claim of right with turbotax download version. are there calculators?

Hi, method 2 is taking a deduction (other itemized deductions) for the repayment.  You said earlier that you are taking the standard deduction so method 2 will not help you.  
njvoit
New Member

Repaid $4000 this year from 2017 sign on bonus. cannot figure out how to calculate claim of right with turbotax download version. are there calculators?

Can I get a refund for download since I did not need it after all?
KarenJ
Intuit Alumni

Repaid $4000 this year from 2017 sign on bonus. cannot figure out how to calculate claim of right with turbotax download version. are there calculators?

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