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Get your taxes done using TurboTax
Yes, you should go ahead and claim it.
But, your parents need to account for it on their return to ward off an IRS inquiry.
They should enter the 1099-G. Then enter an offsetting deduction.on line 21 of form 1040, for the same amount. In TurboTax (TT), enter at:
- Federal Taxes tab
- Wages & Income
Scroll down to:
-Less Common Income
-Misc Income, 1099-A, 1099-C
- On the next screen, choose – Other
reportable income - Enter the number with a minus sign (-) in front. call it "nominee recipient adjustment for 1099-G"
June 5, 2019
3:23 PM