turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

How do I enter a capital credits refund? I received it from my local telephone company.

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
MinhT1
Employee Tax Expert

How do I enter a capital credits refund? I received it from my local telephone company.

These refunds are a return to clients of a portion of the company profits and is a reduction of the price the clients paid.

 

If this is for your personal phone line, then you do not enter the refund on your tax return.

 

If the phone line was a business phone line and you previously claimed the expense for your business, then you enter the credit as Other income for your business.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
MinhT1
Employee Tax Expert

How do I enter a capital credits refund? I received it from my local telephone company.

These refunds are a return to clients of a portion of the company profits and is a reduction of the price the clients paid.

 

If this is for your personal phone line, then you do not enter the refund on your tax return.

 

If the phone line was a business phone line and you previously claimed the expense for your business, then you enter the credit as Other income for your business.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question