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March 24, 2025
Question

where to report Form 1099 misc for installment sale income reported on form 6252? where to report 2023 overpaid federal tax applied to 2024 return?

  • March 24, 2025
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    March 24, 2025

    IRS form 1099-MISC reports the 2024 payment on an installment sale.

     

    Report the 2024 payment at the screen Principal and Interest Received.  Retain the IRS form 1099-MISC with your tax return paper files should a tax authority contact you at a later time.

     

    In TurboTax Premium Online, enter 'installment sales' in the Search magnifying glass in the upper right hand corner of the screen.  Click Enter.  Click on 'Jump to installment sales'.  Follow the screens.

     

    Report 2023 overpaid Federal tax applied to the 2024 Federal tax return as follows:

     

    • Down the left side of the screen, click Federal.
    • Down the left side of the screen, click Deductions & Credits.
    • Click the down arrow to the right of Estimates and Other Taxes Paid.
    • Click to the right of Income Taxes Paid.
    • Click the down arrow to the right of 2023 Refund Applied to 2024.
    • Click to the right of 2023 refund applied to 2024 federal taxes.

     

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