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Returning Member
posted Jan 26, 2019 9:02:34 AM

What is the proper way to deduct repayment of signing bonus from previous year?

2017 got $10k signing bonus but only pocketed $7k due to tax. 2018 returned $10k. 


In Turbotax desktop, I went to Federal Taxes > Deductions & Credits > Other Deductible Expenses > Claim of right repayment over $3,000 and put in $10000. Is that it? Is that correct? I don't think this is it because after I enter it, I don't get any of my tax back...

I actually decided to do a print preview of my entire filing, I don't see $10000 anywhere there. For fun, I decided to change that $10k > $20k and still don't get anything more back. That amount is no where in 1040 forms...

0 2 1448
2 Replies
New Member
Mar 4, 2019 7:06:38 PM

Hi, I have a similar situation. Have you ever figured this out using TurboTax?

Level 15
Mar 5, 2019 12:56:48 PM

please review the link below and specifically the middle of page 34 and the section called 'repayments'

 

https://www.irs.gov/pub/irs-pdf/p525.pdf