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01-23-2011, 10:32 AM | #11 | ||
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Quote:
__________________
Best of luck Don't let life’s ups and downs get you down. Get on one of the ups and hang on like a big dog!!!! |
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01-23-2011, 02:40 PM | #12 | ||
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I am using turbo tax 1040 form and can not find anywhere where to enter the amount I paid back out of my lump sum back pay payment that went to my LTD Carrier and also $5300 to my attorney..Allsup
Does anyone know what line it is on? |
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01-24-2011, 01:09 AM | #13 | ||
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n/a
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That only thing I can think to do is itemize it and put it under other. I use turbo tax also.
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01-24-2011, 05:35 PM | #14 | |||
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Senior Member
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legal expenses are miscellaneous deduction
ltd repayment could be miscellaneous deduction if under 3,000 or if more than 3,000 you can put it on this years miscellaneous deductions or deduct it for the years that you are paying back, example 2009, 2008 etc. and after doing the math subtract the total tax amount saved for those years on this years tax amount. From IRS: ( It sounds harder than it actually is) "Deduction more than $3,000. If this deduction is more than $3,000, you should figure your tax two ways: Figure your tax for 2010 with the itemized deduction included on Schedule A, line 28. Figure your tax for 2010 in the following steps: Figure the tax without the itemized deduction included on Schedule A, line 28. For each year after 1983 for which part of the negative figure represents a repayment of benefits, refigure your taxable benefits as if your total benefits for the year were reduced by that part of the negative figure. Then refigure the tax for that year. Subtract the total of the refigured tax amounts in (b) from the total of your actual tax amounts. Subtract the result in (c) from the result in (a)." |
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