Announcement

Collapse
No announcement yet.

DFAS form 705

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    DFAS form 705

    I'm staring at this form and wondering about the mechanics of reporting.

    My client received a W2 from DOD in 2005. He was overpaid. He repaid $4400 in 2008.

    I'd like him to take the credit and think I would calculate that by "amending" his 2005 return, decrease his wages by the $4400 and see what the difference in tax would be. I think I report that difference on his 2008 return, right?

    But I don't know where to enter it on the tax return. Line 68 and cite form 705?

    Thanks for any help

    #2
    Details in TTB on p. 3-21- "Repayments."

    Comment


      #3
      It is right there! Thanks BP

      Comment


        #4
        My software program will print IRC 1341 on line 68 next to the credit I take. So, check your software. I bet there's a place to enter the credit.
        You have the right to remain silent. Anything you say will be misquoted, then used against you.

        Comment


          #5
          I use Drake. I'm sure it will be okay. You guys are the greatest! I was slogging through IRC 1341 until I felt the spit running down my chin and figured someone here would be able to help with the simple mechanics. Thank you so very much!

          Comment

          Working...
          X