How do I enter something on Schedule I, Line 24z?

[reaboys]

yeah, sure, after months of knowing the problem

[roni1]

This is a MESS. I'm in the same boat. My case is a bit different, PayPal sent me a 1099-K for a 2021 sale I had already paid taxes for back in 2022. But I only transferred the funds to my bank account in 2022 and that triggered a 1099-K. Since I already paid tax on this in a prior year I need to cancel out the 1099-K with line 24z AS PER THE IRS. 

Add this to the long list of unsupported stuff by TurboTax...

[tomg974]

This is so frustrating. I specifically bought TurboTax for Mac after reading that we could override line 24z in the desktop version. This is not possible yet accountants' version of tax software obviously allow this because this is exactly the way my French Government Public Pension was reported by my CPA last year yet kept non-taxable (reported as Other income and offset as Other adjustment).

Yet, TurboTax refuses again and again to allow access to that field.

Leaving me with the following options:

- eFile using a substitute form 1099-R using a "fake" Tax ID for the payer's agency (the French Government)

- Paper file using a substitute form 1099-R and leave the Tax ID field blank (IRS recommended method) but 50-100 pages to print and mail

- Report my French Government Public Pension as "Other reportable income" with no way to offset the amount, making it de facto taxable both at the federal and state level.

[PatriciaV]

Yes, you can enter an offset amount for Form 1040 Line 24z through the step-by-step interview using "Other Reportable Income" and a negative amount.

Go to:

• Less Common Income
• Select start/update for Miscellaneous Income, 1099-A, 1099-C.
• Select start/update for Other Reportable Income.
• Any Other Taxable Income? Select, yes. 
• On the Other Taxable Income page
  • Description: ex: “Offset to Foreign Income [amount]”.
  • Amount: enter the adjustment amount as a negative number.

@thomasgeny 

[titlelessNobile]

I have tried entering a negative amount to the "Other Taxable Income" entry.  Being negative does not seem to make a difference. It just adds a line to 1040 Schedule 1 Line 8z12 with the negative amount.

[PatriciaV]

In TurboTax, adjustments to income reported on Schedule 1 Line 8 are shown as negative numbers on the same line. This is a program limitation.

@titlelessNobile 

[lnurczyk1]

To enter something on Schedule 1 line 24z you have to be in Forms mode. Navigate to line 24z, double-click and it takes you to the 1040/*1040-SR WKS and you can enter it there.

[tagteam]

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@lnurczyk1 wrote:

To enter something on Schedule 1 line 24z you have to be in Forms mode. Navigate to line 24z, double-click and it takes you to the 1040/*1040-SR WKS and you can enter it there.

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Line 24z needs to entered as an override (not recommended).

[bwoodcock]

This was not implemented in the 2023 version

[tagteam]

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@bwoodcock wrote:

This was not implemented in the 2023 version

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You can actually enter the adjustment on the 1040 worksheet in Forms Mode, @bwoodcock:

Not elegant but it works.

[bwoodcock]

How will that propagate to lines 25 and 26?  It wont let me put anything in there, presumably because they are calculated fields, but those two lines remain empty?

[tagteam]

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@bwoodcock wrote:

How will that propagate to lines 25 and 26?

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I just did it. Have you looked at the screenshot in my post?

I typed "Adjustment" on Line G and then entered a figure to the right.

@bwoodcock