Thread: Payback......
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Old 08-22-2017, 11:10 AM
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TomCopeland TomCopeland is offline
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Default refund?

Quote:
Originally Posted by MissAnn View Post
I am looking for a job with health insurance. We are losing our insurance ($1100/month with $10,000 deductible) in December. My teacher parents have paid 1/2 price all last summer to reserve a spot for this school year which has just begun. I am planning to refund the days they did not actually use. It's almost $800......ugh. Is there a way I can claim this? Or can I put down $800 less income? How can this work?
I assume you reported as income the money parents paid you initially. If so, then deduct the $800 as a business expense and call it "Parent Refund" under Other Expenses on Schedule C.
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