[[In 1997 I received $917.00 in unemployment compensation,then paid taxes on it when I filed in 1998 .]]That sounds about right...[[In 1998 ,my decision was reversed,and I am now paying all of it back at $60.00 a month.I am wondering how my restitution payments would affect my tax return from 1998.]]It certainly may...If you repaid benefits in 1998 that you got in an earlier year, and your repayment was $3,000 or less, you may deduct the amount repaid on Schedule A (Form 1040), Itemized Deductions, line 22. But if you don't itemize your deductions, you'll get no benefit from the repayment...sorry.TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. It'll help you with your 1998 taxes, and it's never to early to start planning for your 1999 taxes. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Pay special attention to the "archives" section. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra