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February 15, 2023
Question

How do I enter an amount on line 24z of schedule 1?

  • February 15, 2023
  • 1 reply
  • 0 views
I have an energy relief payment that has been reported on a 1099-misc. I need to offset this amount because it is not taxable.

1 reply

JohnB5677
February 15, 2023

To post the 1099-MISC as income.


To adjust the 1099 MISC

  • Federal
  • Wages & Income
  • Less Common Income
  • Select Miscellaneous Income, 1099-A, 1099-C
  • Select Other Reportable Income
  • Any Other Taxable Income? Select, yes
  • On the Other Taxable Income page
    • Description: type in “Adjustment to 1099-MISC
    • Amount: enter in the adjustment amount as a negative number

The IRS determined it will not challenge the taxability of payments related to general welfare and disaster relief. This means that people in the following states do not need to report these state payments on their 2022 tax return: California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Maine, New Jersey, New Mexico, New York, Oregon, Pennsylvania and Rhode Island. Alaska is in this group as well, but please see below for more nuanced information.

 

In addition, many people in Georgia, Massachusetts, South Carolina and Virginia also will not include state payments in income for federal tax purposes if they meet certain requirements. For these individuals, state payments will not be included for federal tax purposes if the payment is a refund of state taxes paid and either the recipient claimed the standard deduction or itemized their deductions but did not receive a tax benefit.

Plese see details here:  IRS issues guidance on state tax payments to help taxpayers
 

 

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