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Retirement tax questions
We just responded to a previous post from you with a request for additional information. However, if have determined that the income in question needs to be reported on Schedule 1 with an equal offsetting amount to appear on line 24z, then follow these steps:
- From the screen Your income and expenses, scroll down to Less Common Income.
- Click on Show more if necessary.
- Click Start across from Miscellaneous Income, 1099-A, 1099-C.
- On the screen Let's Work on Any Miscellaneous Income, select Other reportable income.
- On the screen Any Other Taxable Income? select Yes.
- On the screen Other Taxable Income enter your 1099-K amount as a negative number.
- Click Continue, then click Done.
To view Schedule 1 in TurboTax online, follow these steps:
- Open or continue your return.
- Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
- With the Tax Tools menu open;
- Select Tools.
- Next, select View Tax Summary in the pop-up.
- Then Preview my 1040 in the left menu.
- To get back to the step-by-step instructions, just click Back in the left margin.
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‎January 30, 2023
3:36 PM