Angela1111
Level 2
04-14-2022
06:51 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a client with a certificate for income tax adjustment from the Department of Defense. The adjustment is for $4400. The certificate states: You may be able deduct the amount repaid as a miscellaneous deduction or use the amount repaid to compute a credit against your tax liability (26 USC Sec 1341).
My client does not itemize. Any help with the second option is greatly appreciated!
Labels
qbteachmt
Level 15
04-15-2022
12:21 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You are asking about Claim of Right. Read this article, to get started:
https://www.investopedia.com/terms/s/section-1341-credit.asp
*******************************
"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.