Shapnup
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Activity Feed for Shapnup
- Posted How can I claim a tax credit for a $9000 pension over payment , which I repaid in 2020 (3 years later?) on Retirement tax questions. November 17, 2020 3:20 PM
- Posted Can I amend a TT 2016 return to correct income received per 1099R? 2020, I just had to pay $9100 pension $$ over payment I received. I want to adjust 2016 income. on Retirement tax questions. June 12, 2020 7:43 PM
- Cheered Re: Can you explain why in a Desktop software online filing, $65 was deducted from a refund becau... for CassLO. February 11, 2020 5:10 PM
- Cheered Re: Can you explain why in a Desktop software online filing, $65 was deducted from a refund becau... for ChondelLO. February 11, 2020 2:33 PM
- Posted Re: Can you explain why in a Desktop software online filing, $65 was deducted from a refund becau... on After you file. February 11, 2020 2:32 PM
- Posted Can you explain why in a Desktop software online filing, $65 was deducted from a refund because "you chose to have your TT fees deducted from your refund." on After you file. February 11, 2020 9:11 AM
- Posted Re: Why am I being forced to purchase TurboTax Premier? on Investing. February 10, 2020 5:25 PM
November 17, 2020
3:20 PM
I retired with a nice pension, from a large pension fund. I worked as a contractor at a gov't job with Employer A, while I received pension payments. Each employer is affiliated with the pension fund. One month in 2016, I exceeded the annual working hours allowed by the pension, and was given an option to repay that amount in a lump sum, which I did in 2020. My pension fund send me a form letter documenting the repayment, and suggested two things: "the repayment may be used as a deduction or a credit on your current and / or previous tax return(s)..." And; as per IRS Ruling 2004-84, "....for over payments repaid via lump sum in a tax year subsequent to the Year(s) in which the over payments were incurred, the recipient may be entitled to a deduction under IRC 165(a) on his/her individual tax return, but the repayment amount would not reduce the amount of the recipient's gross income reported for any previous tax year(s). " Since I already filed my 2016 Return, I would like to know how I can obtain a 2020 tax credit for that $9000? I generally use your TurboTax Premier product. Thank you!
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June 12, 2020
7:43 PM
The Gov't Pension fund will not issue me a corrected 1099R, but I do have their documentation supporting the over payment and validating my reimbursement.
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February 11, 2020
2:32 PM
I appreciate your reply. I still don't understand why any additional fee is charged if one purchases the filing software. The return was my low income childs; $65 is a rather steep fee for any lower income wage earner, especially one using purchased software.
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It helps to know ahead of time, which version to buy. If you know which forms you'll need in advance, I've always done well simply buying the appropriate disc (Premier) at Costco every Dec/Jan, when it's ALWAYS on sale. TT does a good job explaining how the software is different for different situations. Either way, even if you have to buy a form, I'm sure you'll be spending less than you would be paying a CPA.
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