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Jonathan Tierney
Jonathan Tierney, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 322
Experience:  Tax Accountant at Praxair, Inc.
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I am a General Motors retiree with a Pension. In 2015 they

Customer Question

I am a General Motors retiree with a Pension. In 2015 they said they over paid me for the last 6 years and that I had to pay back $5689.00, which I did but they did not reduce this amount on my 1099-R. Can I deduct this amount from my total income this year?
Submitted: 1 year ago.
Category: Tax
Expert:  Jonathan Tierney replied 1 year ago.
Hi, my name is ***** ***** I can help. You would be entitled to claim the "Claim of Right" credit under IRC 1341. There actually no real IRS form to claim this credit, instead you have to determine the amounts yourself by calculating how much would have been each year's correct tax and determining the amount that you had overpaid. This overpaid amount is the dollar amount of the credit that gets reported on Form 1040, line 73, box d, with 1341 written in the description box. See this page: https://goo.gl/iUKwSi and https://ttlc.intuit.com/questions/2236424-what-is-the-irc-1341-repayment-credit-in-layman-s-terms Alternately, you can claim a miscellaneous itemized deduction (not subject to the 2% AGI floor) for the amount repaid to GM on your current year Schedule A. I hope this answers your question. Please let me know if I can clarify anything or answer any additional questions.Thanks, Jonathan