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Repayment of Overpaid Unemployment Benefits

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Level 2

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...

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Level 1

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.

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2 Replies 2
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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.

 


ex-AllStar
Highlighted
Level 1

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.

View solution in original post