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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?

 
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2 Replies
Leonard
Intuit Alumni

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.

huntmore9
New Member

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?

can you tell me how to claim expenses incurred with a usda grant and where to list them.

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