Comments on: How to claim tax credit in “Other Payment” line of regular 1040 file in TurboTax? http://netclubusa.net/tax-return-software/how-to-claim-tax-credit-in-other-payment-line-of-regular-1040-file-in-turbotax/ Be smart, do your taxes on time! Fri, 06 Jul 2012 04:39:35 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Brown eyes http://netclubusa.net/tax-return-software/how-to-claim-tax-credit-in-other-payment-line-of-regular-1040-file-in-turbotax/comment-page-1/#comment-4359 Brown eyes Wed, 28 Jul 2010 02:29:39 +0000 http://netclubusa.net/tax-return-software/how-to-claim-tax-credit-in-other-payment-line-of-regular-1040-file-in-turbotax/#comment-4359 confused go to H&R Block badassapps.org confused go to H&R Block

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]]> By: Bostonian In MO http://netclubusa.net/tax-return-software/how-to-claim-tax-credit-in-other-payment-line-of-regular-1040-file-in-turbotax/comment-page-1/#comment-4356 Bostonian In MO Wed, 28 Jul 2010 01:30:38 +0000 http://netclubusa.net/tax-return-software/how-to-claim-tax-credit-in-other-payment-line-of-regular-1040-file-in-turbotax/#comment-4356 See IRS Pub 525 http://www.irs.gov/pub/irs-pdf/p525.pdf for how to report the repayment as a Claim of Right since it is over $3,000. I don't know if any of the tax software can handle this specialized tax issue. The free versions certain can not. You may be able to override the software calculations (Block's Tax Cut, now Block at Home, does allow this more easily than TurboTax does) however those overrides will normally force you to file a paper return by mail. badassapps.org See IRS Pub 525 http://www.irs.gov/pub/irs-pdf/p525.pdf for how to report the repayment as a Claim of Right since it is over $3,000.

I don’t know if any of the tax software can handle this specialized tax issue. The free versions certain can not. You may be able to override the software calculations (Block’s Tax Cut, now Block at Home, does allow this more easily than TurboTax does) however those overrides will normally force you to file a paper return by mail.

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]]> By: the tax lady http://netclubusa.net/tax-return-software/how-to-claim-tax-credit-in-other-payment-line-of-regular-1040-file-in-turbotax/comment-page-1/#comment-4350 the tax lady Wed, 28 Jul 2010 00:29:12 +0000 http://netclubusa.net/tax-return-software/how-to-claim-tax-credit-in-other-payment-line-of-regular-1040-file-in-turbotax/#comment-4350 You follow the instructions in irs pub 525, page 36. http://www.irs.gov/pub/irs-pdf/p525.pdf The credit is NOT the amount you paid back, but the amount of excess tax you paid in the year you ere overpaid. You have to analyze that earlier return to determine the amount of tax. This is "method 2" in the publication. If you paid back, say, $5000, the credit will be less than $1250. If method 2 results in less tax, claim the credit figured in (3) above on Form 1040, line 70, and enter “I.R.C. 1341” in the column to the right of line 70. It appears Turbotax did not include a way for you to enter this via the step-by-step. badassapps.org You follow the instructions in irs pub 525, page 36. http://www.irs.gov/pub/irs-pdf/p525.pdf

The credit is NOT the amount you paid back, but the amount of excess tax you paid in the year you ere overpaid. You have to analyze that earlier return to determine the amount of tax. This is “method 2″ in the publication. If you paid back, say, $5000, the credit will be less than $1250.

If method 2 results in less tax, claim the credit figured in (3) above on Form 1040, line 70, and enter “I.R.C. 1341” in the column to the right of line 70.

It appears Turbotax did not include a way for you to enter this via the step-by-step.

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]]> By: the tax lady http://netclubusa.net/tax-return-software/how-to-claim-tax-credit-in-other-payment-line-of-regular-1040-file-in-turbotax/comment-page-1/#comment-4351 the tax lady Wed, 28 Jul 2010 00:29:12 +0000 http://netclubusa.net/tax-return-software/how-to-claim-tax-credit-in-other-payment-line-of-regular-1040-file-in-turbotax/#comment-4351 You follow the instructions in irs pub 525, page 36. http://www.irs.gov/pub/irs-pdf/p525.pdf The credit is NOT the amount you paid back, but the amount of excess tax you paid in the year you ere overpaid. You have to analyze that earlier return to determine the amount of tax. This is "method 2" in the publication. If you paid back, say, $5000, the credit will be less than $1250. If method 2 results in less tax, claim the credit figured in (3) above on Form 1040, line 70, and enter “I.R.C. 1341” in the column to the right of line 70. It appears Turbotax did not include a way for you to enter this via the step-by-step. badassapps.org You follow the instructions in irs pub 525, page 36. http://www.irs.gov/pub/irs-pdf/p525.pdf

The credit is NOT the amount you paid back, but the amount of excess tax you paid in the year you ere overpaid. You have to analyze that earlier return to determine the amount of tax. This is “method 2″ in the publication. If you paid back, say, $5000, the credit will be less than $1250.

If method 2 results in less tax, claim the credit figured in (3) above on Form 1040, line 70, and enter “I.R.C. 1341” in the column to the right of line 70.

It appears Turbotax did not include a way for you to enter this via the step-by-step.

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