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Where do I subtract the income that is reported on the 1099-MISC for a rebate that is not taxable income ?
I received a rebate (and 1099-MISC) from a Municipal Water District for the removal of turf and installation of drought tolerant landscape. I spoke with an agent from the IRS law department who researched the issue and told me that the rebate is not taxable income.
I entered information from the 1099-MISC. How do I subtract the amount of that income and add a statement referring to the information that I received from the IRS agent? I have his IRS ID number.
I entered information from the 1099-MISC. How do I subtract the amount of that income and add a statement referring to the information that I received from the IRS agent? I have his IRS ID number.
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June 6, 2019
5:12 AM
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Get your taxes done using TurboTax
You can show a negative number in Line 21 with the caption, “Rebate Income Adj.” The negative number on Line 21 will adjust the income of the reported rebate.
You can enter a negative income adjustment with the following menu path:
- Federal Taxes
- Wages & Income
- Less Common Income (image attached)
- Miscellaneous Income
- Start
- Other Reportable Income
- Start
- Other Taxable Income
- Description = “Rebate Income Adj”
- Amount = -$xxx
TurboTax will transfer this to your Form 1040, Line 21, Page 1.
June 6, 2019
5:12 AM
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Get your taxes done using TurboTax
where can I find menu path you are talking about? I don't see where "federal taxes" is. Is it under one of those file, edit, view, tools, online, help tabs? FYI, I am using home and Biz edition if that matters.
February 15, 2021
9:40 AM