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Get your taxes done using TurboTax
The "crediting" does not go on Part II (Adjustments) of Schedule 1. Instead, it is a 2nd (negative) entry on line 8 of Schedule 1*.
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. Briefly explain at description.
But, you haven't said why you got this money. Telling you how to enter it, as offsetting amounts, doesn't necessarily mean that's how it SHOULD be entered.
* On 2018 and earlier forms, it went on line 21 of form 1040.
April 30, 2021
9:08 AM