I received EI over 2016/2017 after a wrongful dismissal. I later returned to my work and received all my backpay and repayed the EI. This repayment is reported on my 2017 T4E. However, TurboTax is only reporting the income tax deducted in 2017 as a refund.
How do I recover the income tax deducted in 2016?
You don't. You will report the EI repayment as a deduction, and this reduces your tax liability for the current tax year...thus you realize the tax benefit on the current tax return.
Example: Earnings in 2017 $40,000
EI Repayment $ 5,000
Taxable income $35,000
You don't. You will report the EI repayment as a deduction, and this reduces your tax liability for the current tax year...thus you realize the tax benefit on the current tax return.
Example: Earnings in 2017 $40,000
EI Repayment $ 5,000
Taxable income $35,000
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