George4Tacks
Level 15
02-12-2020
07:04 PM
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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!