Form 1099-G Taxable Grant (box 6) Issued in my company name. Does this get entered into TurboTax Business?

Forum|Forum|5 years ago
February 2, 2021
2 replies
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The State of Tennessee offered grants to certain small businesses that were forced to close during the Spring of 2020. I've received a Form 1099-G, with the grant amount in box 6 "Taxable Grants"

I cannot find the form or where to enter this into TurboTax Business.

I'm wondering if I should just include the grant proceeds in my income, or if this needs to go into a specific place in TT Business.

TurboTax Business Windows

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ThomasM125

If the income was reported under the federal ID number for your business, then you should report it on your business tax return. You would report it as Other Income. If you respond with what business tax return you are filing (1120-S, 1065, 1120, sch C), we may be able to be more specific.

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M

miklb582Author

Employee

@ThomasM125 Thank you, and I'm sorry. I should have known to add what form we file.

It is 1065.

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Sondra7

I am using TurboTax Business for my S corp return. I received a 1099-G Taxable Grant that is not taxable for my CA state return. How do I remove it from my 100S AND have it reflected in my K1?

LeonardS

Yes, if the grant was issued in your company name and EIN then you will report the grant on your TurboTax Business program.

However, if the 1099-G grant was issued using your social security number then you will enter the grant in your personal tax return Form 1040.

To enter your 1099-G Grant in personal return sign in to your TurboTax account if it is not open and follow these steps:

Select Income & Expenses.
Scroll down to Less common income and select show more.
Scroll to the line Miscellaneous Income, 1099-A, 1099-C, and check start.
On the page Let's Work on Any Miscellaneous Income scroll to the line Other reportable income and click start.
On the page Any Other Taxable Income select yes.
On the page, Other Taxable Income enter 1099-G Grant as the description and the amount of the grant.
Select continue.
Select done on the next page