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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- claim of right under $3,000 repayment of income
claim of right under $3,000 repayment of income
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JOHNNYCPA
Level 3
04-13-2022
08:11 AM
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I have a client who repaid $1,000 in 2021 for any overpayment of wages that occurred in 2020. He is in a 22% tax bracket and his taxable income was the same in year 2020 and 2021 (same 22%).
I assume that I can not get him a tax credit of $220 for his repayment since its under $3,000 income repayment.
Can anyone help me?
John
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Just-Lisa-Now-
Level 15
04-13-2022
08:33 AM
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I believe youre correct. Pub 525 Page 36
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
