topic NC Extra Credit Grant in Get your taxes done using TurboTax

NC Extra Credit Grant

Chrisdouce — Sun, 31 Jan 2021 20:04:16 GMT

Is the NC Extra Credit Grant taxable? It's the $335 grant NC gave parents as part of the care act to pay for educational expenses. The NC website says it's not taxable on state taxes but may be taxable on the federal level. Where do I enter this grant on Turbo Tax? Not sure if I will get some kind of tax form such as a 1099 from NC or not.

Re: NC Extra Credit Grant

MaryK4 — Sun, 31 Jan 2021 20:24:14 GMT

No, the NC Extra Credit Grant is a qualified disaster relief payment. It is excludable from the your income because the pandemic was declared a nationwide state of emergency.

Re: NC Extra Credit Grant off topic question

sfhus — Tue, 02 Feb 2021 22:21:29 GMT

Commissions reported on 1099 NEC - is this true???

When a REALTOR® works as an independent contractor rather than an employee of a brokerage company, the brokerage companies may issue an annual Form 1099 to the REALTOR to report amounts paid to the broker. When the REALTOR® agrees to return part of a commission to the buyer or the seller, and this has been structured as a reduced commission or as a credit on the closing statement, the 1099 issued by the brokerage company should reflect only the net amounts paid to the REALTOR® and this amount will be reported as gross income. If however, the REALTOR® received the gross commission and actually returned some to the seller or buyer, the gross amount is reported and the REALTOR® should be entitled to a corresponding deduction.