Repayment of Overpaid Unemployment Benefits

Forum|Forum|6 years ago
February 13, 2020
2 replies
19 views

How would I report either as a credit or misc. deduction the repayment of overpaid unemployment benefits in Lacerte? It is over $3,000.

https://ttlc.intuit.com/community/taxes/discussion/do-i-get-any-tax-credit-for-repaying-unemployment-for-previous-year-in-ca/00/64616

Lacerte Tax

This topic has been closed for replies.

Best answer by Mag_a_rita

On screen 38.2>Other credits>Credit for repayment (IRC 1341)

Input here will flow to the 1040, schedule 3 with an "IRC 1341" supporting statement.

George4Tacks

Level 15

Deduction goes on Schedule A, just like in TT

Credit goes in Screen 38 > Other Credits > Credit for repayments

Credit for Repayments (IRC 1341)

Other Credits

Screen 38; Code 54

If the taxpayer had to repay an amount included in income in an earlier year, enter the amount that qualifies as a payment. The program includes this amount on Form 1040, Schedule 3 and prints "IRC 1341" on a supporting statement.

Answers are easy. Questions are hard!

M

Mag_a_ritaAnswer

Level 2

On screen 38.2>Other credits>Credit for repayment (IRC 1341)

Input here will flow to the 1040, schedule 3 with an "IRC 1341" supporting statement.

J

johnstax

Level 3

What if repayment was done in the same year and the company is not amending their reporting return or correcting the w-2s?

qbteachmt

Level 15

"What if repayment was done in the same year and the company is not amending their reporting return or correcting the w-2s?"

Unemployment is not reported on W2.

A repayment to an employer is something other than Unemployment. Unemployment is a governmental program.

@johnstax

Perhaps you should start your own topic and give more details.

Don't yell at us; we're volunteers

Credit for Repayments (IRC 1341)

Sign up

Login with SSO

Let's get you signed in

Login with SSO