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Get your taxes done using TurboTax
You are correct. Line 6 is not a location for a deduction or reduction of your self employment income, rather additional income not related to your actual business activity. You could list it as a 'Returns and Allowances' however,
I would advise to use Miscellaneous expenses and enter a description such as 'income reported and received in 2023'. Either way, as long as your income is accurate for your tax return will be sufficient. Keep all of your books and records to show you already reported the income in 2023.
Depending on how the payer keeps their books and records, it could happen where they report it in a different year than you actually received it.
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‎February 1, 2025
1:11 PM