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I received a T4E for 2k which was due to a reversal of payment from Covid benefits in 2020. How do I adjust the T4E so I am not taxed twice?
I already paid taxes on this amount in 2020 and did not receive the $2000 during 2023.
April 25, 2024
5:33 AM
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Seniors and students
Total Benefits paid Line 14 - $2,000
Overpayment recovered/repaid Line 26 - $2,000
Total repayment Line 30 - $2,000
It's included in my income but I did not receive $2,000 last year. The repayment was reversed and finalized during 2023.
April 25, 2024
6:11 AM
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Box 26 and 30 show that it was an overpayment which was paid. You should not pay taxes on it again as it is showing as a paid amount.
April 25, 2024
6:58 AM
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Yes, but on the summary page it is listed as income. If I deduct the T4E, I get a higher return which implies I'm paying taxes on it.
April 25, 2024
7:03 AM
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Seniors and students
Please verify under line 23200 in your detailed tax summary- you should see the $2000 there.
Thank you for choosing TurboTax.
April 27, 2024
7:47 AM