How do I enter data for Schedule 1 Line 8z?

Forum|Forum|2 years ago
February 25, 2024
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An insurance dividend that “exceeds the total of premiums paid” was reported on a 1099-R and 1040 Instructions page 88 & 89 say to report this on Schedule 1 line 8z... how do I do this on TurboTax?

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Best answer by JamesG1

To report income on Federal 1040 Schedule 1 line 8z, follow these steps:

Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Scroll down to Less Common Income and click on the dropdown menu.
To the right of Miscellaneous Income, 1099-A, 1099-C, click the Start / Revisit button.
To the right of Other reportable income, click the Start / Revisit button.
At the screen Any Other Taxable Income, click Yes.
At the screen Other Taxable Income, enter a description and the amount.
Click Continue.

The entry will be reported on line 8z of Schedule 1 of the Federal 1040 tax return.

JamesG1Answer

To report income on Federal 1040 Schedule 1 line 8z, follow these steps:

Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Scroll down to Less Common Income and click on the dropdown menu.
To the right of Miscellaneous Income, 1099-A, 1099-C, click the Start / Revisit button.
To the right of Other reportable income, click the Start / Revisit button.
At the screen Any Other Taxable Income, click Yes.
At the screen Other Taxable Income, enter a description and the amount.
Click Continue.