topic Re: Can 4H Projects be deducted? in Get your taxes done using TurboTax

Can 4H Projects be deducted?

Anonymous — Sat, 01 Jun 2019 13:38:38 GMT

If you have income from the project, then you can deduct...

PaulaM — Sat, 01 Jun 2019 13:38:40 GMT

If you have income from the project, then you can deduct the expenses against the income to arrive at net income.

According to IRS pub 225 (page 73), 'any net income received from sales or prizes related to the project my be subject to income tax. Report the net income on line 21 of Form 1040.'

https://www.irs.gov/pub/irs-pdf/p225.pdf

Re: Can 4H Projects be deducted?

moore6 — Tue, 28 Jan 2020 17:18:10 GMT

where do I enter this info when filing my taxes.

we have many expenses related to this

Re: If you have income from the project, then you can deduct...

ColeenD3 — Tue, 28 Jan 2020 17:26:34 GMT

As the instructions above state, enter the NET income in other income.

Click Federal Taxes -> Wages & Income and scroll down to Less Common Income
Go to the last selection, Miscellaneous Income and click Start
Go to the last option, Other reportable income and click Start
When it asks, "Any other reportable income?" say yes and then type in a description and the amount to report it on your tax return.

Re: If you have income from the project, then you can deduct...

jakrock — Mon, 14 Jun 2021 00:04:41 GMT

what if this is was your first year and the money received for the project did not come in until after the new year? for example. we started the project in 2020 but the show was not until feb 2021.