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In Rev. Rul. 2002-84, IRS Holds Repayments by Participants of Plan Overpayments Are Deductible
Internal Revenue Service [IRS] 
[Official Guidance] Dec. 2, 2002
Excerpt: Section 165(a) provides that there shall be allowed as a deduction any loss sustained during the taxable year that is not compensated by insurance or otherwise. Section 165(c) limits the deduction under §165(a) for individuals to losses incurred in a trade or business, losses incurred in transactions entered into for profit, and casualty losses. The performance of services as an employee is the carrying on of a trade or business.
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