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Income that was reported on my taxes was correct but my manager or consultant stole over half of it and blocked his social media. What can I do about this?

 
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SabrinaD2
Employee Tax Expert

Income that was reported on my taxes was correct but my manager or consultant stole over half of it and blocked his social media. What can I do about this?

If your manager or consultant stole a portion of your income, you still need to report the full amount on your taxes.

 

 Here are some possible steps as it relates to filing your US Income Taxes:

  1. Enter the total income you received before any theft occurred - under Income tab after logging into TurboTax
  2. You may be able to claim a theft loss deduction on Schedule A (Form 1040). Theft losses are usually deductible only if they are caused by a business transaction or a federally declared disaster. They must be reduced by any insurance or money that is received.
  3. Currently Form 4864 for reporting your loss is not yet ready in TurboTax - when it is ready it will be noted here.
    1. Once ready if you qualify TurboTax can guide you through the reporting steps.

For more details, refer to IRS Publication 547.

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