Question

Needing help - how to input for a refund in TurboTax -IRS Pub. 525, Taxable and Nontaxable Income, page 34. Refunds page 36

Forum|Forum|3 years ago
December 30, 2022
1 reply
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Hi - 1st time here... would much appreciate some help. Have used TurboTax Deluxe for the last 20 years with great success filing our long form taxes. This year end ... I have an element I don't know how to enter... I made a payment back to my insurance company in 2022 for a large amount, that I had paid taxes on in 2021, they told me I need to file for a refund this year & referred me to IRS Pub. 525, Taxable and Nontaxable Income, page 34. Refunds page 36.... I read all that... and am sure this is what I need to do... Can anyone tell me where in Turbotax to enter this? Thanks so much !

M

Mike9241

what year did you receive payment - if the same year there should be an offset against the amount you received. if in a different year and the repayment was $3000 or more IRC section 1341 dictates the methods to get the taxes back. if the repayment was in a different year than received and was less than $3000 sorry the say the tax rules say you can do nothing to get the taxes back

if you qualify you can take as a deduction on Schedule A line 16 denote as IRC 1341 repayment

OR
recompute the taxes in the year you received the payment by excluding the payment.
the decrease in taxes is taken as a credit on Schedule 3 line 12d denote as IRC 1341

M

Mike9241

sorry for the reply this way but the PM didn't offer a way to reply

you have receipt and repayment in different years. if the repayment was over $3k IRC 1341 applies. considering the tax brackets you would probably want to claim a credit computed as specified in my previous post.

if you need help doing this Turbotax does offer return preparation

https://turbotax.intuit.com/lp/ppc/1271?&srqs=null&cid=ppc_msn_b_stan_all_na_Brand-BrandTT-BrandTTTTLAssistCPANearMePreparerProSpecialist-Exact_ty22-bu2-sb183_78065527639168_1249045848564022_kwd-78065724131115:loc-4095&srid=46738e27cc1811ecddceed885405dcd7&targetid=kwd-78065724131115:loc-4095&skw=turbotax%20live&adid=78065527639168&ven=msn&&msclkid=46738e27cc1811ecddceed885405dcd7&gclid=46738e27cc1811ecddceed885405dcd7&gclsrc=3p.ds