Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
unknown00
New Member

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...
2 Replies
halfnet2008
New Member

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

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

NCperson
Level 15

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

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

 

 

Dynamic AdsDynamic Ads
Privacy Settings
v