If you viewed or downloaded the 2022 Pub. 525, before February 13, 2023, please note the following corrections to pages 25 and 26. Page 25, Itemized Deduction Recoveries Item 3 3. The amount on your 2021 Form 1040, line 13, was more than the amount on your 2021 Form 1040, line 11 minus line 12c. Item 9 9. You could be claimed as a dependent by someone else in 2021. Page 26 Example 32 You filed a joint return on Form 1040 for 2021 with taxable income of $45,000. Your itemized deductions were $25,350. The standard deduction that you could have claimed was $25,100. In 2021, you recovered $2,100 of your 2021 itemized deductions. None of the recoveries were more than the actual deductions for 2021. Include $250 of the recoveries in your 2022 income. This is the smaller of your recoveries ($2,100) or the amount by which your itemized deductions were more than the standard deduction ($25,350 − $25,100 = $250). Example 33 The facts are the same as in Example 32, except line 14 was $200 more than line 11 on your 2021 Form 1040, giving you a negative taxable income of $200. You must include $50 in your 2022 income, rather than $250.
