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Deductions & credits
@wkassin wrote:
I actually entered it after I posted the message, and Form 4684 on Turbotax is applying a $100 reduction (line 11), and a 10% AGI reduction (line 17). Is that right? I've downloaded all the updates.
I have not tested this section of the program this year, but I believe there is a question about "Is this a qualified disaster?" Make sure you answer yes (if it is a qualified disaster. I see the answer from the other expert but also see the IRS links I provided). Otherwise the program will use the default rules. (And in fact, if I remember correctly, losses that are not from a qualified disaster are not deductible at all, so even though the program is filling out the form, it may not appear in your final return. I admit that I need to refresh myself on the rules in these cases.)