In TurboTax you will follow these steps to report the 2021 storm damage on your 2020 return
Here are the steps to follow:
- Federal
- Deductions and Credits
- See All Tax Breaks
- Find the one with Disaster, Casualty, Thefts - it is worded a little different on different versions of the software
- Add your casualty or theft event
- Put the description - Texas Winter Storm Damage
- Personal Property
- Federally declared MAJOR disaster
- FEMA disaster code EM-3554-TX
- Fill in the rest of the screens
This is an itemized deduction and the full amount of damage (less the first $500) will go to itemized deductions on Schedule A.
