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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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1 Comment 1
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♥¸¸.•*¨*•♫♪
