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- Repayment of LTD claim in 2024 for a prior year
Repayment of LTD claim in 2024 for a prior year
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igbobennie
Level 2
yesterday
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I have a client who in 2024 repaid a total over-payment from a LTD company. A portion of the repayment was for prior tax years where the payments were claimed on their tax returns.The amount of this prior year repayment was over $22,000.for tax years 2022 & 2023 Can I take a credit for these on the 2024 tax returns since the repayments were done in 2024?
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Just-Lisa-Now-
Level 15
yesterday
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Yes, Pub 525, Page 37, Repayments
Explains your options.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
igbobennie
Level 2
yesterday
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Thanks so much for the prompt answer. I will research it there.
