what is Claim of Right Income and where to find it?

[DawnC]

There are a couple of ways you can get a tax break by reporting the repayment on your current year tax return:

• Take a simple deduction of the repaid income from the current year’s income (this is the easiest option for taxpayers who itemize their deductions).
• Use TurboTax Desktop to calculate the amount of tax you overpaid and take a refundable credit.
  • You should test both methods and use the one that results in the lower overall tax.

Click here for instructions for each option.