I received a USDA NRCS taxable grant to implement conservation practices and have recorded it as income. How do I record the expenses, or otherwise exclude from income?
I received a USDA NRCS taxable grant to implement conservation practices and have recorded it as income. How do I record the expenses, or otherwise exclude from income?
To enter your USDA NRCS Grant in TurboTax Deluxe follow these steps
With TurboTax open select Wages & Income click on I'll choose what I work on
Scroll down to Less Common Income and select Miscellaneous Income, 1099-A, 1099-C
On the next page select Other reportable income
On the page Other Taxable Income enter USDA NRCS Grant in the description.
This will put the income on Schedule 1 Line 21 of your 1040, as required by the IRS. You will pay state and federal income tax on the amount, but it will not be subject to self-employment tax.