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.
