tax planning letters
I repaid an overpayment debt to the Government last year, how do I claim that on my taxes?
I received an overpayment while in the military which I’ve been paying back. I received a letter from the military saying I paid off $1,900 est of that repayment and I can claim that on my taxes. I plan on filing my taxes online (Turbotax/H&R Block) and I want to know where I can input this information.
See IRS Pub 525, page 36 http://www.irs.gov/pub/irs-pdf/p525.pdf for instructions on how to handle repayments.
Since the amount you repaid was less than $3,000, you must show it as a miscellaneous itemized deduction on Schedule A. It is not subject to the 2% rule though that many misc itemized deductions are. If you are not itemizing this year, or if this doesn’t bring you over the Standard Deduction amount for your filing status, then you can’t get any tax benefit for the repayment.
Roni Deutch Tax Center
|
|
Your Executor Duties: How to Inventory & Appraise a Decedent’s Estate; Obtain Letters Testamentary; and Settle Claims, Debts, & Taxes (Series 300: Retirees & Estates) $24.95 Revised to reflect the changes in the IRS death tax exclusion and the required accounting by executors now that previous required forms are not needed, this guide explains the specific role and duties of an executor for any appointed as such or for anyone who has written a will and has appointed an executor to carry out the specific desires and intentions that a lawyer may not be able to perform i… |
|
|
A useful tool for Eugene.(Editorials and Letters)(Tax increment financing can help pay for projects): An article from: The Register-Guard (Eugene, OR) $9.95 This digital document is an article from The Register-Guard (Eugene, OR), published by The Register Guard on February 28, 2010. The length of the article is 676 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: A useful tool for Euge… |
|
|
Required minimum distribution planning with trusts: more IRS flexibility? Recent private letter rulings may reflect a trend.(Tax Facts)(Internal Revenue … from: National Underwriter Life & Health $5.95 This digital document is an article from National Underwriter Life & Health, published by The National Underwriter Company on October 11, 2004. The length of the article is 743 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web bro… |
